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Possible Bullish Inside Day Candle Pattern Detected for Realty Income (NYSE:O)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Realty Income (NYSE:O) based on the price action in the company's shares. Yesterday's price range of $71.57 and $71.93 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 Realty Income may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Realty Income (NYSE:O) defies analysts with a current price ($71.76) 22.0% above its average consensus price target of $55.96. The stock should find initial support at its 50-day moving average (MA) of $70.61 and further support at its 200-day MA of $62.41.

Over the past year, Realty Income has traded in a range of $48.80 to $74.14 and closed yesterday at $71.76, 47% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.5%.

Realty Income Corporation owns and manages a portfolio of commercial properties located across the United States. The Company focuses on acquiring single-tenant retail locations, leased to regional and national chains, and under long-term net lease agreements.

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

Keywords: bullish am inside day candle realty income

Ticker(s): O