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Possible Bearish Inside Day Candle Pattern Detected for Penn Reit (NYSE:PEI)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Penn Reit (NYSE:PEI) based on the price action in the company's shares. Today's price range of $6.09 and $6.09 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 Penn Reit may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Pennsylvania Real Estate Investment Trust is a self-administered real estate investment trust involved in acquiring, managing, and holding real estate interests for current yield and long-term appreciation. The Company's real estate holdings consist of shopping malls, strip and power centers, and industrial properties in the Mid-Atlantic and Southeastern United States.

There is potential upside of 67.5% for shares of Penn Reit based on a current price of $6.09 and an average consensus analyst price target of $10.20. The stock should run into initial resistance at its 50-day moving average (MA) of $6.62 and subsequent resistance at its 200-day MA of $8.77.

Over the past year, Penn Reit has traded in a range of $5.51 to $12.45 and is now at $6.09, 11% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.2% while the 200-day MA has slid 1.5%.

SmarTrend recommended that its subscribers protect gains by selling shares of Penn Reit on February 14th, 2019 by issuing a Downtrend alert when the shares were trading at $6.66. Since that call, shares of Penn Reit have fallen 8.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle penn reit

Ticker(s): PEI