Possible Bullish Inside Day Candle Pattern Detected for LaSalle Hotel Properties (NYSE:LHO)
SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in LaSalle Hotel Properties (NYSE:LHO) based on the price action in the company's shares. Yesterday's price range of $24.40 and $24.68 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 LaSalle Hotel 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.
Potential upside of 30.1% exists for LaSalle Hotel Properties, based on a current level of $24.55 and analysts' average consensus price target of $31.95. LaSalle Hotel Properties shares should first meet resistance at the 50-day moving average (MA) of $24.79 and find additional resistance at the 200-day MA of $27.28.
In the past 52 weeks, shares of LaSalle Hotel Properties have traded between a low of $19.01 and a high of $38.46 and closed yesterday at $24.55, which is 29% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has slid 1%.
LaSalle Hotel Properties is a real estate investment trust focusing primarily on luxury and upscale full service hotels diversified by location in convention, resort, and business oriented markets.
SmarTrend recommended that its subscribers protect gains by selling shares of LaSalle Hotel Properties on September 7th, 2016 by issuing a Downtrend alert when the shares were trading at $26.33. Since that call, shares of LaSalle Hotel Properties have fallen 7.5%. 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 lasalle hotel properties