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Possible Bearish Inside Day Candle Pattern Detected for Realty Income (NYSE:O)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Realty Income (NYSE:O) based on the price action in the company's shares. Today's price range of $69.57 and $69.57 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 Realty Income 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 Realty Income have traded between a low of $51.39 and a high of $74.14 and are now at $69.57, which is 35% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has remained constant.

Realty Income Corporation owns and manages a portfolio of commercial properties located across the United States. The Company focuses on acquiring single-tenant retail locations, leased to regional and national chains, and under long-term net lease agreements.

Realty Income (NYSE:O) defies analysts with a current price ($69.57) 19.6% above its average consensus price target of $55.96. The stock should hit resistance at its 50-day moving average (MA) of $70.49, as well as support at its 200-day MA of $64.45.

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

Keywords: bearish inside day candle realty income

Ticker(s): O