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Possible Bearish Inside Day Candle Pattern Detected for Coresite Realty Corp (NYSE:COR)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Coresite Realty Corp (NYSE:COR) based on the price action in the company's shares. Yesterday's price range of $88.85 and $90.04 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 Coresite Realty Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Coresite Realty Corporation develops, owns and operates data centers in the United States. The data centers include ample and redundant power and advanced cooling and security systems, and many are points of dense network interconnection.

Potential upside of 6.1% exists for Coresite Realty Corp, based on a current level of $89.19 and analysts' average consensus price target of $94.67. The stock should find initial support at its 50-day moving average (MA) of $69.50 and further support at its 200-day MA of $58.73.

In the past 52 weeks, shares of Coresite Realty Corp have traded between a low of $44.51 and a high of $91.91 and closed yesterday at $89.19, which is 100% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 1.0% while the 50-day MA has advanced 1.5%.

SmarTrend recommended that subscribers consider buying shares of Coresite Realty Corp on November 28th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $70.63. Since that recommendation, shares of Coresite Realty Corp have risen 27.5%. We continue to monitor COR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle coresite realty corp

Ticker(s): COR