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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Taubman Centers (NYSE:TCO) based on the price action in the company's shares. Yesterday's price range of $41.00 and $42.68 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 Taubman Centers may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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.

In the past 52 weeks, Taubman Centers share prices have been bracketed by a low of $26.24 and a high of $53.70 and closed yesterday at $41.02, 56% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 3.0%.

Taubman Centers has overhead space with shares priced $41.02, or 33.8% below the average consensus analyst price target of $62.00. The stock should hit resistance at its 50-day moving average (MA) of $47.43, as well as support at its 200-day MA of $39.17.

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: bullish am inside day candle taubman centers

Ticker(s): TCO