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Possible Bullish Inside Day Candle Pattern Detected for Macerich Co (NYSE:MAC)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Macerich Co (NYSE:MAC) based on the price action in the company's shares. Yesterday's price range of $26.21 and $26.52 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 Macerich Co may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

The Macerich Company is a fully integrated self-managed and self-administered real estate investment trust. The Company focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States.

Over the past year, Macerich Co has traded in a range of $25.53 to $50.75 and closed yesterday at $26.47, 4% above that low. The 200-day and 50-day moving averages have moved 0.74% lower and 0.65% lower over the past week, respectively.

There is potential upside of 141.5% for shares of Macerich Co based on a current price of $26.47 and an average consensus analyst price target of $63.92. Macerich Co shares should first meet resistance at the 50-day moving average (MA) of $27.48 and find additional resistance at the 200-day MA of $34.03.

SmarTrend recommended that its subscribers protect gains by selling shares of Macerich Co on October 2nd, 2019 by issuing a Downtrend alert when the shares were trading at $29.36. Since that call, shares of Macerich Co have fallen 11.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle macerich co

Ticker(s): MAC