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Possible Bullish Inside Day Candle Pattern Detected for Penn Reit (NYSE:PEI)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Penn Reit (NYSE:PEI) based on the price action in the company's shares. Yesterday's price range of $3.52 and $3.68 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 Penn Reit may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Pennsylvania Real Estate Investment Trust is a self-administered real estate investment trust involved in acquiring, managing, and holding real estate interests for current yield and long-term appreciation. The Company's real estate holdings consist of shopping malls, strip and power centers, and industrial properties in the Mid-Atlantic and Southeastern United States.

Penn Reit share prices have moved between a 52-week high of $7.92 and a 52-week low of $3.61 and closed yesterday at -0% above that low price at $3.60 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 2.1% while the 200-day MA has slid 0.7%.

Potential upside of 183.3% exists for Penn Reit, based on a current level of $3.60 and analysts' average consensus price target of $10.20. The stock should find initial resistance at its 50-day moving average (MA) of $4.70 and further resistance at its 200-day MA of $5.63.

SmarTrend is tracking the current trend status for Penn Reit and will alert subscribers who have PEI in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle penn reit

Ticker(s): PEI