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Possible Bearish Inside Day Candle Pattern Detected for Spirit Realty (NYSE:SRC)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Spirit Realty (NYSE:SRC) based on the price action in the company's shares. Today's price range of $8.55 and $8.61 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 Spirit Realty may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Spirit Realty (NYSE:SRC) has potential upside of 5.3% based on a current price of $8.57 and analysts' consensus price target of $9.02. The stock should discover initial support at its 200-day moving average (MA) of $8.26 and subsequent support at its 50-day MA of $8.07.

Spirit Realty Capital, Inc. operates as a real estate investment trust. The Trust invests in single-tenant and triple-net basis real estate properties engaged in retail, service, and distribution industries. Spirit Realty Capital serves customers in the United States.

In the past 52 weeks, Spirit Realty share prices have been bracketed by a low of $7.15 and a high of $8.81 and are now at $8.57, 20% above that low price. The 200-day and 50-day moving averages have moved 0.08% higher and 0.33% higher over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Spirit Realty on October 6th, 2016 by issuing a Downtrend alert when the shares were trading at $12.28. Since that call, shares of Spirit Realty have fallen 29.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle spirit realty

Ticker(s): SRC