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Possible Bullish Inside Day Candle Pattern Detected for Boston Properties (NYSE:BXP)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Boston Properties (NYSE:BXP) based on the price action in the company's shares. Yesterday's price range of $121.10 and $121.89 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. Traders and investors interested in shares of Boston Properties may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Boston Properties, Inc. is a real estate investment trust. The trust owns, manages, and develops office properties in the United States, with a significant presence in Boston, Washington, D.C., Midtown Manhattan and San Francisco.

There is potential upside of 14.3% for shares of Boston Properties based on a current price of $121.73 and an average consensus analyst price target of $139.18. The stock should find resistance at its 50-day moving average (MA) of $125.28, as well as support at its 200-day MA of $121.71.

In the past 52 weeks, shares of Boston Properties have traded between a low of $94.91 and a high of $144.02 and closed yesterday at $121.73, which is 28% above that low price. The 200-day and 50-day moving averages have moved 0.08% higher and 1.09% higher over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Boston Properties on April 26th, 2017 by issuing a Downtrend alert when the shares were trading at $130.37. Since that call, shares of Boston Properties have fallen 7.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle boston properties

Ticker(s): BXP