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Possible Bullish Inside Day Candle Pattern Detected for Empire State Rea (NYSE:ESRT)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Empire State Rea (NYSE:ESRT) based on the price action in the company's shares. Yesterday's price range of $15.39 and $15.62 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 Empire State Rea may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 27.9% exists for Empire State Rea, based on a current level of $15.55 and analysts' average consensus price target of $19.89. The stock should find initial resistance at its 50-day moving average (MA) of $15.87 and further resistance at its 200-day MA of $16.69.

Over the past year, Empire State Rea has traded in a range of $15.19 to $20.93 and closed yesterday at $15.55, 2% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.4% while the 200-day MA has slid 0.2%.

Empire State Realty Trust Inc. is a real estate investment trust. The Company owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area.

SmarTrend recommended that its subscribers protect gains by selling shares of Empire State Rea on October 3rd, 2018 by issuing a Downtrend alert when the shares were trading at $16.24. Since that call, shares of Empire State Rea have fallen 5.5%. 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 empire state rea

Ticker(s): ESRT