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Possible Bearish Inside Day Candle Pattern Detected for Piedmont Offic-A (NYSE:PDM)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Piedmont Offic-A (NYSE:PDM) based on the price action in the company's shares. Today's price range of $17.73 and $17.88 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 Piedmont Offic-A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Piedmont Offic-A have traded between a low of $17.36 and a high of $23.07 and are now at $17.79, which is 3% above that low price. The 200-day and 50-day moving averages have moved 0.16% higher and 0.97% higher over the past week, respectively.

Potential upside of 13.8% exists for Piedmont Offic-A, based on a current level of $17.79 and analysts' average consensus price target of $20.25. The stock should run into initial resistance at its 200-day moving average (MA) of $18.74 and subsequent resistance at its 50-day MA of $19.77.

Piedmont Office Realty Trust Inc. is a fully integrated and self-managed real estate investment trust (REIT). The trust specializes in the acquisition, ownership, management and development of primarily office buildings located in major U.S. markets.

SmarTrend recommended that its subscribers protect gains by selling shares of Piedmont Offic-A on May 16th, 2017 by issuing a Downtrend alert when the shares were trading at $21.04. Since that call, shares of Piedmont Offic-A have fallen 15.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle piedmont offic-a

Ticker(s): PDM