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Possible Bearish Inside Day Candle Pattern Detected for Highwoods Prop (NYSE:HIW)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Highwoods Prop (NYSE:HIW) based on the price action in the company's shares. Today's price range of $44.29 and $44.29 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 Highwoods Prop may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Highwoods Properties, Inc., with its operating partnership and subsidiaries, develops, manages, leases, and acquires suburban office and industrial properties. Highwoods has expanded into markets throughout the southeastern and midwestern United States.

Potential upside of 9.6% exists for Highwoods Prop, based on a current level of $44.29 and analysts' average consensus price target of $48.56. The stock should find initial resistance at its 200-day moving average (MA) of $44.82 and further resistance at its 50-day MA of $44.88.

Over the past year, Highwoods Prop has traded in a range of $37.09 to $52.00 and is now at $44.29, 19% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 0.3%.

SmarTrend is tracking the current trend status for Highwoods Prop and will alert subscribers who have HIW in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle highwoods prop

Ticker(s): HIW