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Possible Bullish Inside Day Candle Pattern Detected for Franklin Street (AMEX:FSP)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Franklin Street (AMEX:FSP) based on the price action in the company's shares. Yesterday's price range of $4.98 and $5.17 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 Franklin Street may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Franklin Street Properties Corp. (FSP) operates an investment firm. The Company focuses on investments in commercial properties mainly institutional office assets in the United States. FSP also provides real estate operations including property acquisitions and dispositions, short-term financing, leasing, development, and asset management.

Franklin Street share prices have moved between a 52-week high of $8.97 and a 52-week low of $3.79 and closed yesterday at 33% above that low price at $5.05 per share. The 200-day and 50-day moving averages have moved 0.47% lower and 2.43% lower over the past week, respectively.

There is potential upside of 62.4% for shares of Franklin Street based on a current price of $5.05 and an average consensus analyst price target of $8.20. Franklin Street shares should first meet resistance at the 50-day moving average (MA) of $5.76 and find additional resistance at the 200-day MA of $7.57.

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

Keywords: bullish am inside day candle amex:fsp franklin street

Ticker(s): FSP