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Possible Bearish Inside Day Candle Pattern Detected for Douglas Emmett (NYSE:DEI)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Douglas Emmett (NYSE:DEI) based on the price action in the company's shares. Today's price range of $28.92 and $29.39 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. Owners of Douglas Emmett may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Douglas Emmett has overhead space with shares priced $29.01, or 29.0% below the average consensus analyst price target of $40.83. The stock should find initial resistance at its 50-day moving average (MA) of $30.96 and further resistance at its 200-day MA of $39.66.

In the past 52 weeks, shares of Douglas Emmett have traded between a low of $23.16 and a high of $45.59 and are now at $29.01, which is 25% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has declined 4.3%.

Douglas Emmett, Inc. operates as a real estate investment trust. The Company invests in office and multi-family properties. Douglas Emmett serves customers in the States of California and Hawaii.

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

Keywords: bearish inside day candle douglas emmett

Ticker(s): DEI