History Says Steer Clear Of This REIT

Shares of American Tower (AMT) are moving lower this afternoon, down 3.5% at $182.52 at last check. The real estate investment trust (REIT) has struggled long term, shedding 27% over the past 12 months. Overhead resistance is looming as well, from a trendline with historically bearish implications.

Per Schaeffer’s Senior Quantitative Analyst Rocky White, American Tower stock is now within one standard deviation of its 80-day moving average. In the past three years, the shares have seen seven similar signals, and were positive one month later just 14% of the time, averaging an 2.3% loss. A move of comparable magnitude would put AMT back below $179, or within a chip-shot of the stock’s October lows.