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Possible Bearish Inside Day Candle Pattern Detected for Tanger Factory (NYSE:SKT)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Tanger Factory (NYSE:SKT) based on the price action in the company's shares. Today's price range of $16.57 and $16.72 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 Tanger Factory may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Tanger Factory share prices have moved between a 52-week high of $24.65 and a 52-week low of $13.61 and are now trading 22% above that low price at $16.65 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has declined 0.5%.

There is potential upside of 26.9% for shares of Tanger Factory based on a current price of $16.65 and an average consensus analyst price target of $21.13. The stock should hit resistance at its 200-day moving average (MA) of $19.14, as well as support at its 50-day MA of $15.54.

Tanger Factory Outlet Centers, Inc. (NYSE:SKT), is a publicly-traded REIT headquartered in Greensboro, North Carolina that operates and owns, or has an ownership interest in, a portfolio of 44 upscale outlet shopping centers.

SmarTrend is monitoring the recent change of momentum in Tanger Factory. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Tanger Factory in search of a potential trend change.

Keywords: bearish inside day candle tanger factory

Ticker(s): SKT