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Possible Bullish Inside Day Candle Pattern Detected for City Office Reit (NYSE:CIO)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in City Office Reit (NYSE:CIO) based on the price action in the company's shares. Yesterday's price range of $12.52 and $12.62 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. Traders and investors interested in shares of City Office Reit may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

City Office Reit share prices have moved between a 52-week high of $14.49 and a 52-week low of $9.73 and closed yesterday at 29% above that low price at $12.55 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.8%.

City Office Reit (NYSE:CIO) has potential upside of 9.6% based on a current price of $12.55 and analysts' consensus price target of $13.75. City Office Reit shares should encounter resistance at the 50-day moving average (MA) of $13.35 and support at its 200-day MA of $12.52.

City Office REIT, Inc. acquires, owns and operates office properties. The Company invests in properties located in metropolitan areas in the Southern and Western United States.

SmarTrend recommended that its subscribers protect gains by selling shares of City Office Reit on November 22nd, 2019 by issuing a Downtrend alert when the shares were trading at $12.98. Since that call, shares of City Office Reit have fallen 3.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle city office reit

Ticker(s): CIO