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Possible Bearish Inside Day Candle Pattern Detected for Empire State Rea (NYSE:ESRT)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Empire State Rea (NYSE:ESRT) based on the price action in the company's shares. Yesterday's price range of $15.68 and $15.94 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 Empire State Rea may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Empire State Rea share prices have moved between a 52-week high of $20.93 and a 52-week low of $15.19 and closed yesterday at 4% above that low price at $15.86 per share. The 200-day and 50-day moving averages have moved 0.29% lower and 0.51% lower over the past week, respectively.

Empire State Realty Trust Inc. is a real estate investment trust. The Company owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area.

Empire State Rea has overhead space with shares priced $15.86, or 20.3% below the average consensus analyst price target of $19.89. The stock should run into initial resistance at its 50-day moving average (MA) of $15.96 and subsequent resistance at its 200-day MA of $16.76.

SmarTrend is tracking the current trend status for Empire State Rea and will alert subscribers who have ESRT in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle empire state rea

Ticker(s): ESRT