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Possible Bullish Inside Day Candle Pattern Detected for Franklin Street Properties (NYSE:FSP)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Franklin Street Properties (NYSE:FSP) based on the price action in the company's shares. Yesterday's price range of $12.12 and $12.27 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 Franklin Street Properties may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Franklin Street Properties share prices have been bracketed by a low of $8.67 and a high of $13.27 and closed yesterday at $12.14, 40% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 1.3%.

Franklin Street Properties (NYSE:FSP) has potential upside of 5.0% based on a current price of $12.14 and analysts' consensus price target of $12.75. The stock should find initial support at its 200-day moving average (MA) of $10.45 and further support at its 50-day MA of $10.39.

Franklin Street Properties Corporation operates real estate businesses and offers investment banking services. The Company organizes real estate investment trusts (REIT) and syndicates them through private placements, acquires real estate on behalf of the REITs, and offers asset management and property management services for the REITs.

SmarTrend is tracking the current trend status for Franklin Street Properties and will alert subscribers who have FSP in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle franklin street properties

Ticker(s): FSP