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Possible Bearish Inside Day Candle Pattern Detected for Chesapeake Lodgi (NYSE:CHSP)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Chesapeake Lodgi (NYSE:CHSP) based on the price action in the company's shares. Today's price range of $31.26 and $31.47 is within yesterday'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 Chesapeake Lodgi may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Chesapeake Lodgi have traded between a low of $23.68 and a high of $33.81 and are now at $31.26, which is 32% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.

Chesapeake Lodging Trust is a self-advised lodging real estate investment trust (REIT) focused on investments primarily in upper-upscale hotels in major business and convention markets and, on a selective basis, premium select-service hotels in urban settings or unique locations in the United States. The Trust owns 20 hotels with an aggregate of 6,279 rooms in eight states and the District of Columbia.

Based on a current price of $31.26, Chesapeake Lodgi is currently 5.1% above its average consensus analyst price target of $29.67. The stock should find initial support at its 200-day moving average (MA) of $29.55 and further support at its 50-day MA of $28.92.

SmarTrend is monitoring the recent change of momentum in Chesapeake Lodgi. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Chesapeake Lodgi in search of a potential trend change.

Keywords: bearish inside day candle chesapeake lodgi

Ticker(s): CHSP