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Possible Bullish Inside Day Candle Pattern Detected for Mdc Holdings Inc (NYSE:MDC)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Mdc Holdings Inc (NYSE:MDC) based on the price action in the company's shares. Yesterday's price range of $38.72 and $40.37 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Mdc Holdings Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Mdc Holdings Inc have traded between a low of $25.77 and a high of $46.78 and closed yesterday at $40.32, which is 56% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.8% while the 50-day MA has advanced 1.4%.

M.D.C. Holdings, Inc., through its subsidiaries, builds and sells homes under the name Richmond American Homes. The Company also originates mortgage loans primarily for its home buyers. M.D.C. builds its single-family homes in Colorado, Virginia, Maryland, Northern and Southern California, Arizona, and Nevada.

Mdc Holdings Inc (NYSE:MDC) is currently priced 13.6% above its average consensus analyst price target of $34.83. The stock should find resistance at its 50-day moving average (MA) of $41.51, as well as support at its 200-day MA of $34.43.

SmarTrend is tracking the current trend status for Mdc Holdings Inc and will alert subscribers who have MDC in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle mdc holdings inc

Ticker(s): MDC