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

By Nick Russo

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. Yesterday's price range of $14.67 and $15.28 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 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.

In the past 52 weeks, shares of Outfront Media I have traded between a low of $7.07 and a high of $31.20 and closed yesterday at $14.57, which is 106% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 5.6% while the 200-day MA has slid 0.7%.

There is potential upside of 72.7% for shares of Outfront Media I based on a current price of $14.57 and an average consensus analyst price target of $25.17. Outfront Media I shares should first meet resistance at the 50-day moving average (MA) of $16.23 and find additional resistance at the 200-day MA of $24.49.

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.

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 am inside day candle outfront media i

Ticker(s): OUT