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

By David Diaz

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. Today's price range of $69.30 and $69.84 is within yesterday'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.

In the past 52 weeks, Realty Income share prices have been bracketed by a low of $43.15 and a high of $72.29 and are now at $69.78, 62% above that low price. 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%.

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 (NYSE:O) is currently priced 28.4% above its average consensus analyst price target of $49.96. The stock should discover initial support at its 50-day moving average (MA) of $60.90 and subsequent support at its 200-day MA of $52.67.

SmarTrend recommended that subscribers consider buying shares of Realty Income on June 8th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $63.24. Since that recommendation, shares of Realty Income have risen 9.4%. We continue to monitor O for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle realty income

Ticker(s): O