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Possible Bearish Inside Day Candle Pattern Detected for Vornado Realty Trust (NYSE:VNO)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Vornado Realty Trust (NYSE:VNO) based on the price action in the company's shares. Yesterday's price range of $100.72 and $101.40 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 Vornado Realty Trust may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Vornado Realty Trust share prices have moved between a 52-week high of $105.50 and a 52-week low of $78.91 and closed yesterday at 28% above that low price at $101.00 per share. The 200-day and 50-day moving averages have moved 0.04% lower and 0.80% higher over the past week, respectively.

Vornado Realty Trust (NYSE:VNO) has potential upside of 7.8% based on a current price of $101.00 and analysts' consensus price target of $108.91. Vornado Realty Trust shares have support at the 200-day moving average (MA) of $93.58 and additional support at the 50-day MA of $93.31.

Vornado Realty Trust is a fully-integrated real estate investment trust. The trust owns, manages and leases office properties in New York City, Washington, DC, and California. The Company also owns retail properties Washington, DC and Puerto Rico.

SmarTrend recommended that subscribers consider buying shares of Vornado Realty Trust on June 20th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $98.08. Since that recommendation, shares of Vornado Realty Trust have risen 3.4%. We continue to monitor VNO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle vornado realty trust

Ticker(s): VNO