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Possible Bullish Inside Day Candle Pattern Detected for Gladstone Commercial (NASDAQ:GOOD)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Gladstone Commercial (NASDAQ:GOOD) based on the price action in the company's shares. Yesterday's price range of $16.98 and $17.31 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 Gladstone Commercial may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Gladstone Commercial share prices have moved between a 52-week high of $18.84 and a 52-week low of $12.00 and closed yesterday at 44% above that low price at $17.24 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.3%.

Gladstone Commercial Corporation was created to invest in and own net leased industrial and commercial real estate property and making long-term industrial and commercial mortgage loans. The company is actively seeking and evaluating properties for potential acquisition or mortgage financing.

Potential upside of 10.2% exists for Gladstone Commercial, based on a current level of $17.24 and analysts' average consensus price target of $19.00. The stock should discover initial support at its 50-day moving average (MA) of $16.26 and subsequent support at its 200-day MA of $15.10.

SmarTrend recommended that subscribers consider buying shares of Gladstone Commercial on February 22nd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $14.80. Since that recommendation, shares of Gladstone Commercial have risen 14.7%. We continue to monitor GOOD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle gladstone commercial

Ticker(s): GOOD