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Possible Bearish Inside Day Candle Pattern Detected for Macerich Co (NYSE:MAC)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Macerich Co (NYSE:MAC) based on the price action in the company's shares. Today's price range of $25.28 and $25.67 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. Owners of Macerich Co may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 151.8% exists for Macerich Co, based on a current level of $25.39 and analysts' average consensus price target of $63.92. The stock should find initial resistance at its 50-day moving average (MA) of $26.80 and further resistance at its 200-day MA of $32.41.

Over the past year, Macerich Co has traded in a range of $24.94 to $47.05 and is now at $25.39, 2% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has declined 0.5%.

The Macerich Company is a fully integrated self-managed and self-administered real estate investment trust. The Company focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States.

SmarTrend recommended that its subscribers protect gains by selling shares of Macerich Co on October 2nd, 2019 by issuing a Downtrend alert when the shares were trading at $29.36. Since that call, shares of Macerich Co have fallen 11.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle macerich co

Ticker(s): MAC