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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 $18.08 and $18.21 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.

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.

Potential upside of 5.9% exists for Piedmont Offic-A, based on a current level of $18.18 and analysts' average consensus price target of $19.25. Piedmont Offic-A shares should encounter resistance at the 200-day moving average (MA) of $19.17 and support at the 50-day MA of $17.84.

In the past 52 weeks, shares of Piedmont Offic-A have traded between a low of $16.69 and a high of $21.80 and are now at $18.18, which is 9% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has remained constant.

SmarTrend is tracking the current trend status for Piedmont Offic-A and will alert subscribers who have PDM in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle piedmont offic-a

Ticker(s): PDM