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Possible Bearish Inside Day Candle Pattern Detected for Retail Opportuni (NASDAQ:ROIC)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Retail Opportuni (NASDAQ:ROIC) based on the price action in the company's shares. Today's price range of $18.66 and $18.82 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 Retail Opportuni may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Retail Opportunity Investments Corp. is a fully integrated and self-managed real estate investment trust (""REIT""). The Company specializes in the acquisition, ownership and management of necessity-based community, and neighborhood shopping centers in the western and eastern regions of the United States anchored by national and regional supermarkets and drugstores.

In the past 52 weeks, Retail Opportuni share prices have been bracketed by a low of $16.17 and a high of $23.05 and are now at $18.75, 16% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.4%.

Retail Opportuni has overhead space with shares priced $18.75, or 3.6% below the average consensus analyst price target of $19.45. The stock should find initial support at its 200-day moving average (MA) of $18.43 and further support at its 50-day MA of $17.45.

SmarTrend recommended that subscribers consider buying shares of Retail Opportuni on May 23rd, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $17.83. Since that recommendation, shares of Retail Opportuni have risen 6.0%. We continue to monitor ROIC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle retail opportuni

Ticker(s): ROIC