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Possible Bullish Inside Day Candle Pattern Detected for First Industrial Realty Trust (NYSE:FR)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in First Industrial Realty Trust (NYSE:FR) based on the price action in the company's shares. Yesterday's price range of $22.46 and $22.71 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 First Industrial Realty Trust may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

First Industrial Realty Trust, Inc. is a self-administered and fully integrated real estate investment trust which owns, manages, acquires and develops bulk warehouses and light industrial properties. The Company's interests in its properties are held through various partnerships controlled by the company.

Potential upside of 4.2% exists for First Industrial Realty Trust, based on a current level of $22.55 and analysts' average consensus price target of $23.50. First Industrial Realty Trust shares have support at the 50-day moving average (MA) of $21.95 and additional support at the 200-day MA of $21.25.

First Industrial Realty Trust share prices have moved between a 52-week high of $23.12 and a 52-week low of $18.54 and closed yesterday at 22% above that low price at $22.55 per share. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 1.3%.

SmarTrend recommended that subscribers consider buying shares of First Industrial Realty Trust on February 23rd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $20.97. Since that recommendation, shares of First Industrial Realty Trust have risen 7.5%. We continue to monitor FR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle first industrial realty trust

Ticker(s): FR