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Possible Bullish Inside Day Candle Pattern Detected for Highwoods Prop (NYSE:HIW)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Highwoods Prop (NYSE:HIW) based on the price action in the company's shares. Yesterday's price range of $41.37 and $41.97 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 Highwoods Prop 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, shares of Highwoods Prop have traded between a low of $41.32 and a high of $52.58 and closed yesterday at $41.37, which is 0% above that low price. The 200-day and 50-day moving averages have moved 0.07% lower and 0.9% lower over the past week, respectively.

Potential upside of 17.4% exists for Highwoods Prop, based on a current level of $41.37 and analysts' average consensus price target of $48.56. Highwoods Prop shares should first meet resistance at the 50-day moving average (MA) of $44.00 and find additional resistance at the 200-day MA of $46.31.

Highwoods Properties, Inc., with its operating partnership and subsidiaries, develops, manages, leases, and acquires suburban office and industrial properties. Highwoods has expanded into markets throughout the southeastern and midwestern United States.

SmarTrend recommended that its subscribers protect gains by selling shares of Highwoods Prop on July 23rd, 2018 by issuing a Downtrend alert when the shares were trading at $49.50. Since that call, shares of Highwoods Prop have fallen 16.5%. 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 highwoods prop

Ticker(s): HIW