• Return to Headlines

Possible Bullish Inside Day Candle Pattern Detected for Taubman Centers (NYSE:TCO)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Taubman Centers (NYSE:TCO) based on the price action in the company's shares. Yesterday's price range of $50.31 and $50.31 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 Taubman Centers may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Taubman Centers, Inc. is a real estate investment trust which, through its operating partnership, the Taubman Realty Group LP, holds interests in and owns, develops, acquires, and operates regional shopping centers. Its activities include centers' management, leasing, and expansion.

Taubman Centers has overhead space with shares priced $50.46, or 18.6% below the average consensus analyst price target of $62.00. The stock should run into initial resistance at its 50-day moving average (MA) of $50.67 and subsequent resistance at its 200-day MA of $55.35.

Over the past year, Taubman Centers has traded in a range of $43.44 to $65.50 and closed yesterday at $50.46, 16% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has remained constant.

SmarTrend recommended that subscribers consider buying shares of Taubman Centers on January 8th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $48.59. Since that recommendation, shares of Taubman Centers have risen 3.5%. We continue to monitor TCO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle taubman centers

Ticker(s): TCO