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Possible Bearish Inside Day Candle Pattern Detected for Whitestone Rei (NYSE:WSR)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Whitestone Rei (NYSE:WSR) based on the price action in the company's shares. Yesterday's price range of $6.58 and $6.95 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 Whitestone Rei may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 91.7% for shares of Whitestone Rei based on a current price of $6.78 and an average consensus analyst price target of $13.00. The stock should run into initial resistance at its 50-day moving average (MA) of $8.19 and subsequent resistance at its 200-day MA of $12.05.

Whitestone REIT is a real estate investment trust. The Trust invests in and operates retail, industrial, and office properties.

Over the past year, Whitestone Rei has traded in a range of $4.91 to $14.65 and closed yesterday at $6.78, 38% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 6.5% while the 200-day MA has slid 1.1%.

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

Keywords: bearish am inside day candle whitestone rei

Ticker(s): WSR