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Possible Bearish Inside Day Candle Pattern Detected for Mack-Cali Realty (NYSE:CLI)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Mack-Cali Realty (NYSE:CLI) based on the price action in the company's shares. Yesterday's price range of $20.46 and $21.05 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 Mack-Cali Realty may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Mack-Cali Realty Corporation is a fully integrated, self administered, and self managed real estate investment trust (REIT) providing management, leasing, development, construction, and other tenant related services for its class A real estate portfolio. The Properties are primarily office and office flex buildings located in the Northeast.

In the past 52 weeks, Mack-Cali Realty share prices have been bracketed by a low of $15.86 and a high of $24.04 and closed yesterday at $20.47, 29% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.3% while the 200-day MA has remained constant.

Mack-Cali Realty (NYSE:CLI) is currently priced 6.8% above its average consensus analyst price target of $19.07. The stock should discover initial support at its 50-day moving average (MA) of $20.45 and subsequent support at its 200-day MA of $19.37.

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

Keywords: bearish am inside day candle mack-cali realty

Ticker(s): CLI