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

By Shiri Gupta

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 $13.20 and $13.32 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 has overhead space with shares priced $13.20, or 17.7% below the average consensus analyst price target of $16.05. The stock should run into initial resistance at its 50-day moving average (MA) of $13.70 and subsequent resistance at its 200-day MA of $14.31.

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.

In the past 52 weeks, shares of Sunstone Hotel have traded between a low of $12.70 and a high of $17.03 and are now at $13.20, which is 4% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.4% while the 200-day MA has slid 0.3%.

SmarTrend recommended that its subscribers protect gains by selling shares of Sunstone Hotel on May 23rd, 2019 by issuing a Downtrend alert when the shares were trading at $13.94. Since that call, shares of Sunstone Hotel have fallen 4.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle sunstone hotel

Ticker(s): SHO