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Possible Bullish Inside Day Candle Pattern Detected for Penn Reit (NYSE:PEI)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Penn Reit (NYSE:PEI) based on the price action in the company's shares. Yesterday's price range of $5.19 and $5.31 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 Penn 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.

In the past 52 weeks, Penn Reit share prices have been bracketed by a low of $4.34 and a high of $8.20 and closed yesterday at $5.26, 21% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has remained constant.

Pennsylvania Real Estate Investment Trust is a self-administered real estate investment trust involved in acquiring, managing, and holding real estate interests for current yield and long-term appreciation. The Company's real estate holdings consist of shopping malls, strip and power centers, and industrial properties in the Mid-Atlantic and Southeastern United States.

There is potential upside of 93.9% for shares of Penn Reit based on a current price of $5.26 and an average consensus analyst price target of $10.20. Penn Reit shares should first meet resistance at the 50-day moving average (MA) of $5.65 and find additional resistance at the 200-day MA of $5.98.

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

Keywords: bullish am inside day candle penn reit

Ticker(s): PEI