Possible Bullish Inside Day Candle Pattern Detected for Pennsylvania Real Estate Investment Trust (NYSE:PEI)
SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Pennsylvania Real Estate Investment Trust (NYSE:PEI) based on the price action in the company's shares. Yesterday's price range of $24.57 and $24.99 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 Pennsylvania Real Estate Investment Trust 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 (NYSE:PEI) is currently priced 4.5% above its average consensus analyst price target of $23.75. Pennsylvania Real Estate Investment Trust shares have support at the 50-day moving average (MA) of $21.69 and additional support at the 200-day MA of $20.89.
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.
Pennsylvania Real Estate Investment Trust share prices have moved between a 52-week high of $25.67 and a 52-week low of $16.42 and closed yesterday at 51% above that low price at $24.87 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.8% while the 200-day MA has remained constant.
SmarTrend recommended that subscribers consider buying shares of Pennsylvania Real Estate Investment Trust on July 8th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $22.31. Since that recommendation, shares of Pennsylvania Real Estate Investment Trust have risen 11.5%. We continue to monitor PEI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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