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Possible Bullish Inside Day Candle Pattern Detected for Cbl & Assoc Prop (NYSE:CBL)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Cbl & Assoc Prop (NYSE:CBL) based on the price action in the company's shares. Yesterday's price range of $0.98 and $1.02 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 Cbl & Assoc Prop may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 295.5% for shares of Cbl & Assoc Prop based on a current price of $1.00 and an average consensus analyst price target of $3.95. The stock should run into initial resistance at its 50-day moving average (MA) of $1.13 and subsequent resistance at its 200-day MA of $2.32.

CBL & Associates Properties, Inc. is a self managed and self administered real estate investment trust. The Company owns regional shopping malls and community shopping centers in the United States.

Over the past year, Cbl & Assoc Prop has traded in a range of $0.77 to $6.26 and closed yesterday at $1.00, 30% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 2.8% while the 50-day MA has declined 2.3%.

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

Keywords: bullish am inside day candle cbl & assoc prop

Ticker(s): CBL