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Possible Bullish Inside Day Candle Pattern Detected for Eastgroup Prop (NYSE:EGP)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Eastgroup Prop (NYSE:EGP) based on the price action in the company's shares. Yesterday's price range of $130.92 and $131.88 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 Eastgroup 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.

Eastgroup Prop (NYSE:EGP) is currently priced 30.2% above its average consensus analyst price target of $92.00. The stock should discover initial support at its 50-day moving average (MA) of $126.97 and subsequent support at its 200-day MA of $116.28.

EastGroup Properties, Inc. is an equity real estate investment trust. The Trust acquires and develops industrial properties in major sunbelt markets throughout the United States with a special emphasis in the states of California, Florida, Texas, and Arizona.

Over the past year, Eastgroup Prop has traded in a range of $87.69 to $135.45 and closed yesterday at $131.73, 50% above that low. The 200-day and 50-day moving averages have moved 0.46% higher and 0.42% higher over the past week, respectively.

SmarTrend is tracking the current trend status for Eastgroup Prop and will alert subscribers who have EGP in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle eastgroup prop

Ticker(s): EGP