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Possible Bearish Inside Day Candle Pattern Detected for Regency Centers (NYSE:REG)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Regency Centers (NYSE:REG) based on the price action in the company's shares. Yesterday's price range of $63.23 and $63.38 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 Regency Centers may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Regency Centers has overhead space with shares priced $63.41, or 6.8% below the average consensus analyst price target of $68.06. Regency Centers shares should encounter resistance at the 200-day moving average (MA) of $66.16 and support at the 50-day MA of $63.32.

In the past 52 weeks, shares of Regency Centers have traded between a low of $59.27 and a high of $70.26 and closed yesterday at $63.41, which is 7% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.2% while the 200-day MA has remained constant.

Regency Centers Corporation is a self-administered and self-managed real estate investment trust that owns and operates grocery anchored neighborhood retail centers. The Company currently owns and operates properties in various states located throughout the United States.

SmarTrend recommended that its subscribers protect gains by selling shares of Regency Centers on November 1st, 2019 by issuing a Downtrend alert when the shares were trading at $66.45. Since that call, shares of Regency Centers have fallen 4.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle regency centers

Ticker(s): REG