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Possible Bullish Inside Day Candle Pattern Detected for Piedmont Offic-A (NYSE:PDM)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Piedmont Offic-A (NYSE:PDM) based on the price action in the company's shares. Yesterday's price range of $17.93 and $18.15 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 Piedmont Offic-A may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Piedmont Offic-A has traded in a range of $16.69 to $20.57 and closed yesterday at $17.96, 8% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.3% while the 200-day MA has remained constant.

Piedmont Offic-A has overhead space with shares priced $17.96, or 6.7% below the average consensus analyst price target of $19.25. Piedmont Offic-A shares should first meet resistance at the 50-day moving average (MA) of $18.38 and find additional resistance at the 200-day MA of $18.78.

Piedmont Office Realty Trust Inc. is a fully integrated and self-managed real estate investment trust (REIT). The trust specializes in the acquisition, ownership, management and development of primarily office buildings located in major U.S. markets.

SmarTrend recommended that its subscribers protect gains by selling shares of Piedmont Offic-A on September 25th, 2018 by issuing a Downtrend alert when the shares were trading at $18.95. Since that call, shares of Piedmont Offic-A have fallen 5.7%. 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 piedmont offic-a

Ticker(s): PDM