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Possible Bearish Inside Day Candle Pattern Detected for Outfront Media I (NYSE:OUT)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Outfront Media I (NYSE:OUT) based on the price action in the company's shares. Today's price range of $14.67 and $15.28 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 Outfront Media I may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

OUTFRONT Media Inc. leases advertising space on out-of-home advertising structures and sites. The Company maintains a portfolio consisting of billboard displays and municipal transit systems in the United States, Canada, and Latin America.

There is potential upside of 67.7% for shares of Outfront Media I based on a current price of $15.01 and an average consensus analyst price target of $25.17. The stock should find initial resistance at its 50-day moving average (MA) of $16.54 and further resistance at its 200-day MA of $24.54.

Outfront Media I share prices have moved between a 52-week high of $31.20 and a 52-week low of $7.07 and are now trading 112% above that low price at $15.01 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has declined 7.4%.

SmarTrend is tracking the current trend status for Outfront Media I and will alert subscribers who have OUT in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle outfront media i

Ticker(s): OUT