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Possible Bearish Inside Day Candle Pattern Detected for Sunstone Hotel (NYSE:SHO)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Sunstone Hotel (NYSE:SHO) based on the price action in the company's shares. Today's price range of $16.18 and $16.28 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 Sunstone Hotel 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, Sunstone Hotel share prices have been bracketed by a low of $14.09 and a high of $17.60 and are now at $16.18, 15% above that low price. The 200-day and 50-day moving averages have moved 0.04% lower and 0.65% lower over the past week, respectively.

Sunstone Hotel (NYSE:SHO) is currently priced 0.8% above its average consensus analyst price target of $16.05. The stock should find initial resistance at its 200-day moving average (MA) of $16.21 and further resistance at its 50-day MA of $16.56.

Sunstone Hotel Investors, Inc. is a hospitality and lodging real estate investment trust that owns primarily upper scale and upscale hotels in the United States. The Company's hotels are operated under various branded names.

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

Keywords: bearish inside day candle sunstone hotel

Ticker(s): SHO