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Possible Bullish Inside Day Candle Pattern Detected for CB Richard Ellis Group (NYSE:CBG)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in CB Richard Ellis Group (NYSE:CBG) based on the price action in the company's shares. Yesterday's price range of $25.02 and $25.83 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 CB Richard Ellis Group may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

CB Richard Ellis Group, Inc. is a global commercial real estate services firm. The Company offers a range of services to occupiers, owners, lenders, and investors in office, retail, industrial, multi-family, and other commercial real estate assets. CB Richard Ellis offer services such as advice and execution assistance for property leasing and sales, forecasting, and valuations.

There is potential upside of 68.9% for shares of CB Richard Ellis Group based on a current price of $25.69 and an average consensus analyst price target of $43.40. The stock should run into initial resistance at its 50-day moving average (MA) of $28.65 and subsequent resistance at its 200-day MA of $32.10.

Over the past year, CB Richard Ellis Group has traded in a range of $22.74 to $39.00 and closed yesterday at $25.69, 13% above that low. The 200-day and 50-day moving averages have moved 0.53% lower and 1.16% higher over the past week, respectively.

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

Keywords: bullish am inside day candle cb richard ellis group

Ticker(s): CBG