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Possible Bearish Inside Day Candle Pattern Detected for Sun Communities (NYSE:SUI)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Sun Communities (NYSE:SUI) based on the price action in the company's shares. Yesterday's price range of $125.79 and $132.26 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 Sun Communities may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Sun Communities share prices have been bracketed by a low of $95.34 and a high of $173.98 and closed yesterday at $127.35, 34% above that low price. The 200-day and 50-day moving averages have moved 0.02% higher and 0.77% lower over the past week, respectively.

Sun Communities (NYSE:SUI) is currently priced 22.9% above its average consensus analyst price target of $98.14. The stock should find initial resistance at its 50-day moving average (MA) of $144.90 and further resistance at its 200-day MA of $147.47.

Sun Communities, Inc. is a real estate investment trust that currently owns and operates a portfolio of manufactured housing communities primarily in the midwest and southeast United States.

SmarTrend is tracking the current trend status for Sun Communities and will alert subscribers who have SUI in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle sun communities

Ticker(s): SUI