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Possible Bearish Inside Day Candle Pattern Detected for Vornado Rlty Tst (NYSE:VNO)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Vornado Rlty Tst (NYSE:VNO) based on the price action in the company's shares. Yesterday's price range of $65.42 and $66.65 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 Rlty Tst may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 19.5% for shares of Vornado Rlty Tst based on a current price of $65.63 and an average consensus analyst price target of $78.42. The stock should discover initial support at its 200-day moving average (MA) of $65.59 and subsequent support at its 50-day MA of $62.82.

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. Vornado Realty Trust also owns retail properties in Washington, DC and Puerto Rico.

Vornado Rlty Tst share prices have moved between a 52-week high of $72.50 and a 52-week low of $58.60 and closed yesterday at 12% above that low price at $65.63 per share. The 200-day and 50-day moving averages have moved 0.02% higher and 0.59% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Vornado Rlty Tst on September 6th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $62.57. Since that recommendation, shares of Vornado Rlty Tst have risen 6.6%. 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 rlty tst

Ticker(s): VNO