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Possible Bearish Inside Day Candle Pattern Detected for Costar Group Inc (NASDAQ:CSGP)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Costar Group Inc (NASDAQ:CSGP) based on the price action in the company's shares. Yesterday's price range of $583.18 and $596.45 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 Costar Group Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Costar Group Inc (NASDAQ:CSGP) defies analysts with a current price ($590.70) 31.7% above its average consensus price target of $403.64. The stock should find initial support at its 50-day moving average (MA) of $579.05 and further support at its 200-day MA of $535.06.

CoStar Group Inc. provides building-specific information to the United States commercial real estate industry and related industries. The Company's database contains details of office and industrial space. The database provides digitized photographs and floor plan images on individual commercial buildings in the company's markets.

Over the past year, Costar Group Inc has traded in a range of $315.85 to $639.41 and closed yesterday at $590.70, 87% above that low. The 200-day and 50-day moving averages have moved 0.58% higher and 0.24% lower over the past week, respectively.

SmarTrend is tracking the current trend status for Costar Group Inc and will alert subscribers who have CSGP in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle costar group inc

Ticker(s): CSGP