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Possible Bearish Inside Day Candle Pattern Detected for Franklin Street (AMEX:FSP)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Franklin Street (AMEX:FSP) based on the price action in the company's shares. Yesterday's price range of $7.39 and $7.45 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 Franklin Street may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Franklin Street Properties Corp. operates an investment firm. The Company focuses on investments in commercial properties, mainly institutional quality office assets in the United States. FSP also provides real estate operations including property acquisitions and dispositions, short-term financing, leasing, development, and asset management.

In the past 52 weeks, shares of Franklin Street have traded between a low of $5.87 and a high of $9.22 and closed yesterday at $7.46, which is 27% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.2% while the 200-day MA has remained constant.

Franklin Street has overhead space with shares priced $7.46, or 9.0% below the average consensus analyst price target of $8.20. The stock should hit resistance at its 200-day moving average (MA) of $7.78, as well as support at its 50-day MA of $7.01.

SmarTrend recommended that subscribers consider buying shares of Franklin Street on January 25th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $7.07. Since that recommendation, shares of Franklin Street have risen 5.5%. We continue to monitor FSP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle amex:fsp franklin street

Ticker(s): FSP