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Possible Bearish Inside Day Candle Pattern Detected for Corp Office Prop (NYSE:OFC)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Corp Office Prop (NYSE:OFC) based on the price action in the company's shares. Yesterday's price range of $29.41 and $29.60 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. Owners of Corp Office Prop may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Corp Office Prop (NYSE:OFC) is currently priced 1.4% above its average consensus analyst price target of $29.17. Corp Office Prop shares have support at the 50-day moving average (MA) of $29.08 and additional support at the 200-day MA of $28.47.

Corporate Office Properties Trust is a real estate investment trust. The Trust focuses on the acquisition, ownership, and operation of suburban office properties located in high-growth sub-markets.

In the past 52 weeks, shares of Corp Office Prop have traded between a low of $22.92 and a high of $30.28 and closed yesterday at $29.59, which is 29% above that low price. The 200-day and 50-day moving averages have moved 0.12% higher and 0.01% lower over the past week, respectively.

SmarTrend is tracking the current trend status for Corp Office Prop and will alert subscribers who have OFC in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle corp office prop

Ticker(s): OFC