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

By Amy Schwartz

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 $51.75 and $52.25 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.

Over the past year, Realty Income has traded in a range of $47.25 to $72.30 and closed yesterday at $51.90, 10% above that low. The 200-day and 50-day moving averages have moved 0.54% higher and 0.20% higher over the past week, respectively.

Realty Income has overhead space with shares priced $51.90, or 8.4% below the average consensus analyst price target of $56.65. The stock should find initial resistance at its 200-day moving average (MA) of $52.67 and further resistance at its 50-day MA of $60.90.

SmarTrend is monitoring the recent change of momentum in Realty Income. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Realty Income in search of a potential trend change.

Keywords: bullish am inside day candle realty income

Ticker(s): O