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Possible Bullish Inside Day Candle Pattern Detected for Camden Prop Tr (NYSE:CPT)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Camden Prop Tr (NYSE:CPT) based on the price action in the company's shares. Yesterday's price range of $109.43 and $110.73 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. Traders and investors interested in shares of Camden Prop Tr may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Camden Prop Tr (NYSE:CPT) is currently priced 16.8% above its average consensus analyst price target of $91.69. Camden Prop Tr shares should encounter resistance at the 50-day moving average (MA) of $111.90 and support at its 200-day MA of $105.72.

In the past 52 weeks, shares of Camden Prop Tr have traded between a low of $83.67 and a high of $116.47 and closed yesterday at $110.26, which is 32% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has remained constant.

Camden Property Trust is a self-administered and self-managed real estate investment trust. The Company owns and operates multifamily apartment communities. Camden Property Trust serves customers in the United States.

SmarTrend is tracking the current trend status for Camden Prop Tr and will alert subscribers who have CPT in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle camden prop tr

Ticker(s): CPT