Yesterday, we looked at a Daily Price Chart chart of Invitation Homes, Inc. and noted that the stock had been making a series of 52-Week Highs.
Today’s chart is for Mid-America Apartment Communities (NYSE: MAA).
MAA is an S&P 500 company and a real estate investment trust, or REIT.
Its focus is delivering full-cycle and superior investment performance for shareholders through the management, acquisition, development and redevelopment of quality apartment communities in the Southeast, Southwest, and Mid-Atlantic regions of the United States.
The Daily Price Chart below shows that MAA has traded in a clear bullish pattern of higher highs and higher lows since January.
Track the Price Chart from the lower left to the upper right…
This bullish trading pattern points to a further advance.
You see, typically stocks that make a series of two or more higher highs and higher lows reliably continue on in an upward trend.
But it’s important to note that strong stock rallies have pullbacks along the way.
These pullbacks present a buying opportunity for us.
Purchasing MAA after a 3 to 5% price pullback has provided a good entry point for the stock this year, and has produced a healthy return.
We’ll keep watching MAA as it tops its previous highs and waiting for price pullbacks.
Editor, Chart Of The Day