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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 $63.39 and $63.39 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.

In the past 52 weeks, Cyrusone Inc share prices have been bracketed by a low of $48.94 and a high of $69.01 and are now at $63.39, 30% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.2% while the 200-day MA has remained constant.

Based on a current price of $63.39, Cyrusone Inc is currently 1.3% above its average consensus analyst price target of $62.57. The stock should find initial support at its 200-day moving average (MA) of $57.62 and further support at its 50-day MA of $55.69.

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

Keywords: bearish inside day candle cyrusone inc

Ticker(s): CONE