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Possible Bullish Inside Day Candle Pattern Detected for Sun Communities (NYSE:SUI)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Sun Communities (NYSE:SUI) based on the price action in the company's shares. Yesterday's price range of $86.96 and $88.75 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 Sun 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.

Sun Communities, Inc. is a real estate investment trust that currently owns and operates a portfolio of manufactured housing communities primarily in the midwest and southeast United States.

Potential upside of 10.9% exists for Sun Communities, based on a current level of $87.56 and analysts' average consensus price target of $97.14. The stock should find initial support at its 50-day moving average (MA) of $69.27 and further support at its 200-day MA of $67.57.

In the past 52 weeks, Sun Communities share prices have been bracketed by a low of $69.90 and a high of $96.08 and closed yesterday at $87.56, 25% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.4% while the 200-day MA has remained constant.

SmarTrend is monitoring the recent change of momentum in Sun Communities. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Sun Communities in search of a potential trend change.

Keywords: bullish am inside day candle sun communities

Ticker(s): SUI