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Possible Bearish Inside Day Candle Pattern Detected for First Ind Realty (NYSE:FR)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in First Ind Realty (NYSE:FR) based on the price action in the company's shares. Yesterday's price range of $41.70 and $42.16 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 First Ind Realty may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, First Ind Realty has traded in a range of $30.03 to $43.24 and closed yesterday at $41.80, 39% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has remained constant.

First Ind Realty (NYSE:FR) is currently priced 21.6% above its average consensus analyst price target of $32.79. The stock should find initial support at its 50-day moving average (MA) of $41.67 and further support at its 200-day MA of $38.44.

First Industrial Realty Trust, Inc. is a self-administered and fully integrated real estate investment trust which owns, manages, acquires, and develops bulk warehouses and light industrial properties. The Company's interests in its properties are held through various partnerships controlled by the company.

SmarTrend is tracking the current trend status for First Ind Realty and will alert subscribers who have FR in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle first ind realty

Ticker(s): FR