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Possible Bearish Inside Day Candle Pattern Detected for Summit Hotel Pro (NYSE:INN)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Summit Hotel Pro (NYSE:INN) based on the price action in the company's shares. Yesterday's price range of $11.91 and $12.06 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 Summit Hotel Pro may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Summit Hotel Properties, Inc. is a publicly-traded real estate investment trust focused on owning premium-branded hotels with efficient operating models primarily in the Upscale segment of the lodging industry. As of July 31, 2019, the Company's portfolio consisted of 69 hotels with a total of 10,715 guestrooms located in 24 states.

In the past 52 weeks, Summit Hotel Pro share prices have been bracketed by a low of $9.29 and a high of $13.66 and closed yesterday at $12.04, 30% above that low price. The 200-day and 50-day moving averages have moved 0.01% higher and 0.06% lower over the past week, respectively.

There is potential upside of 32.9% for shares of Summit Hotel Pro based on a current price of $12.04 and an average consensus analyst price target of $16.00. Summit Hotel Pro shares have support at the 50-day moving average (MA) of $11.32 and additional support at the 200-day MA of $11.28.

SmarTrend is tracking the current trend status for Summit Hotel Pro and will alert subscribers who have INN in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle summit hotel pro

Ticker(s): INN