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Possible Bearish Inside Day Candle Pattern Detected for Parkway Properties (NYSE:PKY)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Parkway Properties (NYSE:PKY) based on the price action in the company's shares. Yesterday's price range of $17.68 and $17.98 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 Parkway Properties may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Parkway Properties, Inc. is a self-administered real estate investment trust (REIT). The Company acquires, manages, finances and leases office properties in the southeastern United States and Texas.

There is potential upside of 4.9% for shares of Parkway Properties based on a current price of $17.91 and an average consensus analyst price target of $18.80. The stock should discover initial support at its 200-day moving average (MA) of $15.56 and subsequent support at its 50-day MA of $15.10.

Over the past year, Parkway Properties has traded in a range of $11.54 to $18.68 and closed yesterday at $17.91, 55% 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 advanced 2.1%.

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

Keywords: bearish am inside day candle parkway properties

Ticker(s): PKY