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Possible Bullish Inside Day Candle Pattern Detected for Mid-America Apartment Communities (NYSE:MAA)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Mid-America Apartment Communities (NYSE:MAA) based on the price action in the company's shares. Yesterday's price range of $101.21 and $101.73 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 Mid-America Apartment Communities may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Mid-America Apartment Communities (NYSE:MAA) has potential upside of 1.7% based on a current price of $101.72 and analysts' consensus price target of $103.50. The stock should find initial support at its 50-day moving average (MA) of $97.83 and further support at its 200-day MA of $88.39.

In the past 52 weeks, Mid-America Apartment Communities share prices have been bracketed by a low of $72.51 and a high of $110.01 and closed yesterday at $101.72, 40% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 0.6%.

Mid-America Apartment Communities, Inc. is a self-administered and self-managed real estate investment trust which owns, develops, acquires and operates multi family apartment communities in the southeast and midwest United States and Texas. In addition, the Company conducts third party property management, development and construction activities through its service corporation.

SmarTrend is tracking the current trend status for Mid-America Apartment Communities and will alert subscribers who have MAA in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle mid-america apartment communities

Ticker(s): MAA