• Return to Headlines

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

By James Quinn

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 $14.47 and $14.56 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.

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.

Over the past year, Sunstone Hotel has traded in a range of $12.70 to $17.60 and is now at $14.47, 14% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.3% while the 200-day MA has slid 0.2%.

There is potential upside of 10.9% for shares of Sunstone Hotel based on a current price of $14.47 and an average consensus analyst price target of $16.05. The stock should find initial resistance at its 50-day moving average (MA) of $14.68 and further resistance at its 200-day MA of $15.04.

SmarTrend recommended that subscribers consider buying shares of Sunstone Hotel on January 16th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $14.16. Since that recommendation, shares of Sunstone Hotel have risen 3.2%. We continue to monitor SHO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle sunstone hotel

Ticker(s): SHO