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Possible Bearish Inside Day Candle Pattern Detected for Washington Prime (NYSE:WPG)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Washington Prime (NYSE:WPG) based on the price action in the company's shares. Yesterday's price range of $0.86 and $0.96 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 Washington Prime may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Washington Prime Group Inc. operates as a real estate investment trust. The Company owns, acquires, and develops shopping centers. Washington Prime Group serves customers in the United States.

Potential upside of 687.0% exists for Washington Prime, based on a current level of $0.86 and analysts' average consensus price target of $6.77. The stock should run into initial resistance at its 50-day moving average (MA) of $1.39 and subsequent resistance at its 200-day MA of $3.14.

In the past 52 weeks, shares of Washington Prime have traded between a low of $0.56 and a high of $5.03 and closed yesterday at $0.86, which is 54% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1.9% while the 50-day MA has declined 9.8%.

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

Keywords: bearish am inside day candle washington prime

Ticker(s): WPG