• Return to Headlines

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

By Shiri Gupta

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. Today's price range of $93.78 and $95.20 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 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 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.

Potential upside of 18.7% exists for Vornado Realty Trust, based on a current level of $94.83 and analysts' average consensus price target of $112.55. The stock should discover initial support at its 200-day moving average (MA) of $93.58 and subsequent support at its 50-day MA of $93.31.

Over the past year, Vornado Realty Trust has traded in a range of $78.91 to $111.72 and is now at $94.83, 20% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.8%.

SmarTrend recommended that its subscribers protect gains by selling shares of Vornado Realty Trust on March 8th, 2017 by issuing a Downtrend alert when the shares were trading at $106.66. Since that call, shares of Vornado Realty Trust have fallen 10.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle vornado realty trust

Ticker(s): VNO