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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 $106.01 and $107.99 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.

Based on a current price of $106.82, Sun Communities is currently 8.1% above its average consensus analyst price target of $98.14. The stock should discover initial support at its 50-day moving average (MA) of $101.81 and subsequent support at its 200-day MA of $97.35.

Over the past year, Sun Communities has traded in a range of $80.12 to $108.91 and closed yesterday at $106.82, 33% above that low. The 200-day and 50-day moving averages have moved 0.39% higher and 0.49% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Sun Communities on October 26th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $101.33. Since that recommendation, shares of Sun Communities have risen 4.6%. We continue to monitor SUI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle sun communities

Ticker(s): SUI