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Possible Bullish Inside Day Candle Pattern Detected for UDR (NYSE:UDR)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in UDR (NYSE:UDR) based on the price action in the company's shares. Today's price range of $33.44 and $33.78 is within yesterday'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 UDR may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

UDR, Inc. is a self-administered real estate investment trust. The Company owns, operates, and develops apartment communities located nationwide.

In the past 52 weeks, UDR share prices have been bracketed by a low of $30.03 and a high of $38.61 and are now at $33.51, 12% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.4%.

Potential upside of 10.6% exists for UDR, based on a current level of $33.51 and analysts' average consensus price target of $37.07. The stock should run into initial resistance at its 200-day moving average (MA) of $35.30 and subsequent resistance at its 50-day MA of $36.52.

SmarTrend recommended that its subscribers protect gains by selling shares of UDR on May 19th, 2016 by issuing a Downtrend alert when the shares were trading at $35.24. Since that call, shares of UDR have fallen 5.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle

Ticker(s): UDR