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Possible Bearish Inside Day Candle Pattern Detected for Weingarten Rlty (NYSE:WRI)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Weingarten Rlty (NYSE:WRI) based on the price action in the company's shares. Yesterday's price range of $28.14 and $28.39 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 Weingarten Rlty may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Weingarten Rlty share prices have been bracketed by a low of $23.80 and a high of $30.47 and closed yesterday at $28.14, 18% above that low price. The 200-day and 50-day moving averages have moved 0.09% lower and 0.19% lower over the past week, respectively.

Weingarten Realty Investors is a real estate investment trust with income producing properties primarily in the Southwest. The Trust properties include shopping centers, office and service centers, apartment projects, and office buildings.

Weingarten Rlty (NYSE:WRI) has potential upside of 8.4% based on a current price of $28.14 and analysts' consensus price target of $30.50. The stock should find initial support at its 200-day moving average (MA) of $27.99 and further support at its 50-day MA of $27.31.

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

Keywords: bearish am inside day candle weingarten rlty

Ticker(s): WRI