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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 $53.15 and $53.75 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 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.

Realty Income has overhead space with shares priced $53.28, or 9.9% below the average consensus analyst price target of $59.14. The stock should hit resistance at its 50-day moving average (MA) of $60.90, as well as support at its 200-day MA of $52.67.

Realty Income share prices have moved between a 52-week high of $72.30 and a 52-week low of $52.72 and closed yesterday at 1% above that low price at $53.28 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 0.2%.

SmarTrend recommended that its subscribers protect gains by selling shares of Realty Income on December 21st, 2017 by issuing a Downtrend alert when the shares were trading at $55.54. Since that call, shares of Realty Income have fallen 4.5%. 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 realty income

Ticker(s): O