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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 $9.35 and $9.69 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 (NYSE:PGRE) has potential upside of 77.0% based on a current price of $9.65 and analysts' consensus price target of $17.08. The stock should find initial resistance at its 50-day moving average (MA) of $9.76 and further resistance at its 200-day MA of $12.62.

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.

Paramount Group share prices have moved between a 52-week high of $15.11 and a 52-week low of $6.42 and closed yesterday at 50% above that low price at $9.65 per share. The 200-day and 50-day moving averages have moved 0.78% lower and 4.19% lower over the past week, respectively.

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

Keywords: bearish am inside day candle paramount group

Ticker(s): PGRE