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Possible Bearish Inside Day Candle Pattern Detected for Washington Reit (NYSE:WRE)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Washington Reit (NYSE:WRE) based on the price action in the company's shares. Yesterday's price range of $29.74 and $30.13 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 Reit may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Washington Reit (NYSE:WRE) defies analysts with a current price ($30.00) 0.8% above its average consensus price target of $29.75. Washington Reit shares should encounter resistance at the 50-day moving average (MA) of $30.11 and support at its 200-day MA of $28.20.

Washington Real Estate Investment Trust (Washington REIT) operates as a real estate investment trust. The Company owns and develops shopping centers, office buildings, apartment buildings, and industrial properties. Washington REIT serves customer in Washington, DC.

Washington Reit share prices have moved between a 52-week high of $31.41 and a 52-week low of $23.87 and closed yesterday at 26% above that low price at $30.00 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.2%.

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

Keywords: bearish am inside day candle washington reit

Ticker(s): WRE