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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Franklin Street Properties (NYSE:FSP) based on the price action in the company's shares. Yesterday's price range of $12.91 and $13.04 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 Properties 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 Corporation operates real estate businesses and offers investment banking services. The Company organizes real estate investment trusts (REIT) and syndicates them through private placements, acquires real estate on behalf of the REITs, and offers asset management and property management services for the REITs.

Franklin Street Properties share prices have moved between a 52-week high of $13.18 and a 52-week low of $8.67 and closed yesterday at 49% above that low price at $12.96 per share. The 200-day and 50-day moving averages have moved 0.19% lower and 1.31% higher over the past week, respectively.

Franklin Street Properties (NYSE:FSP) is currently priced 9.7% above its average consensus analyst price target of $11.70. The stock should discover initial support at its 200-day moving average (MA) of $10.45 and subsequent support at its 50-day MA of $10.39.

SmarTrend recommended that subscribers consider buying shares of Franklin Street Properties on March 7th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $9.90. Since that recommendation, shares of Franklin Street Properties have risen 32.2%. 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 franklin street properties

Ticker(s): FSP