Possible Bearish Inside Day Candle Pattern Detected for Boston Properties (NYSE:BXP)
SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Boston Properties (NYSE:BXP) based on the price action in the company's shares. Yesterday's price range of $136.62 and $137.44 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. Owners of Boston Properties may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.
Potential upside of 4.1% exists for Boston Properties, based on a current level of $137.15 and analysts' average consensus price target of $142.76. The stock should discover initial support at its 50-day moving average (MA) of $125.28 and subsequent support at its 200-day MA of $121.71.
Boston Properties share prices have moved between a 52-week high of $137.61 and a 52-week low of $94.91 and closed yesterday at 45% above that low price at $137.15 per share. The 200-day and 50-day moving averages have moved 0.08% higher and 1.09% higher over the past week, respectively.
Boston Properties, Inc. is a real estate investment trust. The trust owns, manages, and develops office properties in the United States, with a significant presence in Boston, Washington, D.C., Midtown Manhattan and San Francisco.
SmarTrend recommended that subscribers consider buying shares of Boston Properties on June 29th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $130.60. Since that recommendation, shares of Boston Properties have risen 5.2%. We continue to monitor BXP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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