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Possible Bullish Inside Day Candle Pattern Detected for Government Prope (NYSE:GOV)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Government Prope (NYSE:GOV) based on the price action in the company's shares. Yesterday's price range of $15.48 and $15.82 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 Government Prope may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Government Properties Income Trust is a real estate company formed to invest in properties that are majority leased to government tenants.

Government Prope share prices have moved between a 52-week high of $24.61 and a 52-week low of $15.39 and closed yesterday at 2% above that low price at $15.65 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.8% while the 200-day MA has remained constant.

Government Prope (NYSE:GOV) has potential upside of 15.0% based on a current price of $15.65 and analysts' consensus price target of $18.00. The stock should run into initial resistance at its 200-day moving average (MA) of $16.18 and subsequent resistance at its 50-day MA of $17.33.

SmarTrend recommended that its subscribers protect gains by selling shares of Government Prope on January 29th, 2018 by issuing a Downtrend alert when the shares were trading at $17.49. Since that call, shares of Government Prope have fallen 11.9%. 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 government prope

Ticker(s): GOV