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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. Today's price range of $8.44 and $8.83 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 Paramount Group 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 Paramount Group have traded between a low of $6.42 and a high of $15.11 and are now at $8.66, which is 35% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 4.8% while the 200-day MA has slid 1.2%.

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 has overhead space with shares priced $8.66, or 49.3% below the average consensus analyst price target of $17.08. Paramount Group shares should first meet resistance at the 50-day moving average (MA) of $12.21 and find additional resistance at the 200-day MA of $13.25.

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 inside day candle paramount group

Ticker(s): PGRE