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Possible Bullish Inside Day Candle Pattern Detected for Washington Reit (NYSE:WRE)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Washington Reit (NYSE:WRE) based on the price action in the company's shares. Yesterday's price range of $26.72 and $26.90 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 Washington Reit may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Washington Reit (NYSE:WRE) has potential upside of 11.0% based on a current price of $26.79 and analysts' consensus price target of $29.75. Washington Reit shares should first meet resistance at the 200-day moving average (MA) of $27.86 and find additional resistance at the 50-day MA of $28.04.

Washington Real Estate Investment Trust (Washington REIT) operates as a real estate investment trust. The Company owns and develops shopping centers, office buildings, apartment buildings, and industrial properties. Washington REIT serves customer in the State of Washington.

In the past 52 weeks, Washington Reit share prices have been bracketed by a low of $22.53 and a high of $31.85 and closed yesterday at $26.79, 19% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has slid 0.2%.

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

Keywords: bullish am inside day candle washington reit

Ticker(s): WRE