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Possible Bearish Inside Day Candle Pattern Detected for Taubman Centers (NYSE:TCO)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Taubman Centers (NYSE:TCO) based on the price action in the company's shares. Today's price range of $43.61 and $44.99 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 Taubman Centers 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 41.7% exists for Taubman Centers, based on a current level of $43.75 and analysts' average consensus price target of $62.00. The stock should hit resistance at its 50-day moving average (MA) of $46.20, as well as support at its 200-day MA of $39.17.

Taubman Centers share prices have moved between a 52-week high of $53.40 and a 52-week low of $26.24 and are now trading 67% above that low price at $43.75 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.3% while the 200-day MA has remained constant.

Taubman Centers, Inc. is a real estate investment trust which, through its operating partnership, the Taubman Realty Group LP, holds interests in and owns, develops, acquires, and operates regional shopping centers. Its activities include centers' management, leasing, and expansion.

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

Keywords: bearish inside day candle taubman centers

Ticker(s): TCO