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

By James Quinn

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. Today's price range of $7.32 and $7.32 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 Franklin Street may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 12.0% for shares of Franklin Street based on a current price of $7.32 and an average consensus analyst price target of $8.20. The stock should hit resistance at its 200-day moving average (MA) of $7.74, as well as support at its 50-day MA of $7.17.

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.

Over the past year, Franklin Street has traded in a range of $5.87 to $9.22 and is now at $7.32, 25% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 1.1%.

SmarTrend is monitoring the recent change of momentum in Franklin Street. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Franklin Street in search of a potential trend change.

Keywords: bearish inside day candle amex:fsp franklin street

Ticker(s): FSP