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Possible Bearish Inside Day Candle Pattern Detected for Monmouth Real Es (NYSE:MNR)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Monmouth Real Es (NYSE:MNR) based on the price action in the company's shares. Yesterday's price range of $15.27 and $15.44 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 Monmouth Real Es may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Monmouth Real Es (NYSE:MNR) has potential upside of 16.6% based on a current price of $15.33 and analysts' consensus price target of $17.88. Monmouth Real Es shares have support at the 50-day moving average (MA) of $14.67 and additional support at the 200-day MA of $13.86.

Monmouth Real Estate Investment Corporation is a real estate investment trust specializing in net leased industrial properties. The Company's equity portfolio consists of industrial properties and shopping centers located in New Jersey, New York, Mississippi, Missouri, Massachusetts, Iowa, North Carolina, Kansas, Pennsylvania and Virginia.

Monmouth Real Es share prices have moved between a 52-week high of $15.50 and a 52-week low of $11.88 and closed yesterday at 29% above that low price at $15.33 per share. The 200-day and 50-day moving averages have moved 0.20% higher and 0.48% higher over the past week, respectively.

SmarTrend is tracking the current trend status for Monmouth Real Es and will alert subscribers who have MNR in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle monmouth real es

Ticker(s): MNR