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Possible Bearish Inside Day Candle Pattern Detected for Paramount Group (NYSE:PGRE)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Paramount Group (NYSE:PGRE) based on the price action in the company's shares. Yesterday's price range of $8.44 and $8.87 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 Paramount Group may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Paramount Group, Inc. operates and manages Class A office properties. The Company provides asset management, leasing, acquisitions, redevelopment, and financing. Paramount Group owns properties in New York City, Washington D.C., and San Francisco.

Over the past year, Paramount Group has traded in a range of $6.42 to $15.11 and closed yesterday at $8.83, 38% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 2.5% while the 200-day MA has slid 0.7%.

There is potential upside of 93.5% for shares of Paramount Group based on a current price of $8.83 and an average consensus analyst price target of $17.08. Paramount Group shares should first meet resistance at the 50-day moving average (MA) of $12.11 and find additional resistance at the 200-day MA of $13.22.

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

Keywords: bearish am inside day candle paramount group

Ticker(s): PGRE