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Possible Bearish Inside Day Candle Pattern Detected for American Tower C (NYSE:AMT)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in American Tower C (NYSE:AMT) based on the price action in the company's shares. Yesterday's price range of $211.73 and $222.04 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. Owners of American Tower C may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

American Tower Corporation is a real estate investment trust that owns, operates, and develops wireless communications and broadcast towers in the United States. The Company leases antennae sites on multi-tenant towers for a diverse range of wireless communications industries, including personal communications services, paging, and cellular.

American Tower C (NYSE:AMT) is currently priced 28.3% above its average consensus analyst price target of $156.71. The stock should find initial resistance at its 200-day moving average (MA) of $222.07 and further resistance at its 50-day MA of $233.52.

In the past 52 weeks, American Tower C share prices have been bracketed by a low of $174.32 and a high of $258.62 and closed yesterday at $218.48, 25% 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 declined 1.3%.

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

Keywords: bearish am inside day candle american tower c

Ticker(s): AMT