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Possible Bearish Inside Day Candle Pattern Detected for Cyrusone Inc (NASDAQ:CONE)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cyrusone Inc (NASDAQ:CONE) based on the price action in the company's shares. Today's price range of $60.87 and $60.87 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 Cyrusone Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

CyrusOne (NASDAQ: CONE) is a high-growth real estate investment trust (REIT) specializing in highly reliable enterprise-class, carrier-neutral data center properties. The Company provides mission-critical data center facilities that protect and ensure the continued operation of IT infrastructure for approximately 1,000 customers, including 208 Fortune 1000 companies.

Potential upside of 2.8% exists for Cyrusone Inc, based on a current level of $60.87 and analysts' average consensus price target of $62.57. The stock should find initial support at its 200-day moving average (MA) of $57.68 and further support at its 50-day MA of $53.59.

In the past 52 weeks, shares of Cyrusone Inc have traded between a low of $48.94 and a high of $69.01 and are now at $60.87, which is 24% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.2%.

SmarTrend recommended that subscribers consider buying shares of Cyrusone Inc on April 2nd, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $53.76. Since that recommendation, shares of Cyrusone Inc have risen 13.7%. We continue to monitor CONE for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle cyrusone inc

Ticker(s): CONE