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Possible Bullish Inside Day Candle Pattern Detected for LaSalle Hotel Properties (NYSE:LHO)

By James Quinn

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. Today's price range of $23.58 and $23.87 is within yesterday'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.

LaSalle Hotel Properties has overhead space with shares priced $23.83, or 25.4% below the average consensus analyst price target of $31.95. The stock should find initial resistance at its 50-day moving average (MA) of $24.79 and further resistance at its 200-day MA of $27.28.

Over the past year, LaSalle Hotel Properties has traded in a range of $19.01 to $38.46 and is now at $23.83, 25% above that low. Over the past week, the 200-day moving average (MA) has gone down 1% while the 50-day MA has remained constant.

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 is tracking the current trend status for LaSalle Hotel Properties and will alert subscribers who have LHO in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle lasalle hotel properties

Ticker(s): LHO