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Possible Bullish Inside Day Candle Pattern Detected for Chesapeake Lodgi (NYSE:CHSP)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Chesapeake Lodgi (NYSE:CHSP) based on the price action in the company's shares. Yesterday's price range of $25.91 and $26.09 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 Chesapeake Lodgi may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Chesapeake Lodgi share prices have moved between a 52-week high of $33.81 and a 52-week low of $23.68 and closed yesterday at 10% above that low price at $26.02 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.5% while the 200-day MA has slid 0.2%.

Potential upside of 14.0% exists for Chesapeake Lodgi, based on a current level of $26.02 and analysts' average consensus price target of $29.67. Chesapeake Lodgi shares should first meet resistance at the 50-day moving average (MA) of $27.64 and find additional resistance at the 200-day MA of $28.28.

Chesapeake Lodging Trust is a self-advised lodging real estate investment trust (REIT) focused on investments primarily in upper-upscale hotels in major business and convention markets and, on a selective basis, premium select-service hotels in urban settings or unique locations in the United States. The Trust owns 20 hotels with an aggregate of 6,279 rooms in eight states and the District of Columbia.

SmarTrend recommended that its subscribers protect gains by selling shares of Chesapeake Lodgi on July 18th, 2019 by issuing a Downtrend alert when the shares were trading at $27.83. Since that call, shares of Chesapeake Lodgi have fallen 6.9%. 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 chesapeake lodgi

Ticker(s): CHSP