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Possible Bullish Inside Day Candle Pattern Detected for Corp Office Prop (NYSE:OFC)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Corp Office Prop (NYSE:OFC) based on the price action in the company's shares. Yesterday's price range of $28.97 and $29.19 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 Corp Office 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.

Corp Office Prop (NYSE:OFC) defies analysts with a current price ($29.17) 0.0% above its average consensus price target of $29.17. The stock should find initial support at its 50-day moving average (MA) of $28.15 and further support at its 200-day MA of $26.56.

COPT is a REIT that owns, manages, leases, develops and selectively acquires office and data center properties in locations that support the United States Government and its contractors, most of whom are engaged in national security, defense and information technology (Â?ITÂ?) related activities servicing what it believes are growing, durable, priority missions (Â?Defense/IT LocationsÂ?).

Over the past year, Corp Office Prop has traded in a range of $20.04 to $30.66 and closed yesterday at $29.17, 46% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.0% while the 200-day MA has risen 0.5%.

SmarTrend recommended that subscribers consider buying shares of Corp Office Prop on July 30th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $27.96. Since that recommendation, shares of Corp Office Prop have risen 3.5%. We continue to monitor OFC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle corp office prop

Ticker(s): OFC