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Possible Bearish Inside Day Candle Pattern Detected for Umh Properties I (NYSE:UMH)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Umh Properties I (NYSE:UMH) based on the price action in the company's shares. Yesterday's price range of $12.86 and $13.32 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 Umh Properties I may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

UMH Properties, Inc. is a real estate investment trust. The trust owns and operates manufactured home communities. UMH Properties serves customers in the United States.

There is potential upside of 17.4% for shares of Umh Properties I based on a current price of $12.99 and an average consensus analyst price target of $15.25. Umh Properties I shares should encounter resistance at the 200-day moving average (MA) of $13.85 and support at the 50-day MA of $12.69.

In the past 52 weeks, Umh Properties I share prices have been bracketed by a low of $8.63 and a high of $16.64 and closed yesterday at $12.99, 51% above that low price. The 200-day and 50-day moving averages have moved 0.06% lower and 2.17% lower over the past week, respectively.

SmarTrend is tracking the current trend status for Umh Properties I and will alert subscribers who have UMH in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle umh properties i

Ticker(s): UMH