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

By Nick Russo

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. Yesterday's price range of $6.01 and $6.11 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 Penn Reit may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Penn Reit has traded in a range of $5.46 to $12.45 and closed yesterday at $6.10, 12% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.1% while the 200-day MA has slid 1%.

Penn Reit has overhead space with shares priced $6.10, or 40.2% below the average consensus analyst price target of $10.20. Penn Reit shares should first meet resistance at the 50-day moving average (MA) of $6.13 and find additional resistance at the 200-day MA of $8.17.

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.

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 6.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle penn reit

Ticker(s): PEI