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

By Nick Russo

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 $27.54 and $27.83 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 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.

There is potential upside of 8.0% for shares of Washington Reit based on a current price of $27.54 and an average consensus analyst price target of $29.75. Washington Reit shares have support at the 50-day moving average (MA) of $26.90 and additional support at the 200-day MA of $26.73.

In the past 52 weeks, Washington Reit share prices have been bracketed by a low of $22.53 and a high of $31.52 and closed yesterday at $27.54, 22% above that low price. The 200-day and 50-day moving averages have moved 0.08% lower and 0.26% higher over the past week, respectively.

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

Keywords: bullish am inside day candle washington reit

Ticker(s): WRE