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

By Amy Schwartz

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 $0.84 and $1.04 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.

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 827.3% for shares of Penn Reit based on a current price of $1.10 and an average consensus analyst price target of $10.20. The stock should find initial resistance at its 50-day moving average (MA) of $3.43 and further resistance at its 200-day MA of $5.14.

In the past 52 weeks, shares of Penn Reit have traded between a low of $0.90 and a high of $7.92 and closed yesterday at $1.10, which is 22% above that low price. The 200-day and 50-day moving averages have moved 2.12% lower and 8.46% lower over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Penn Reit on December 3rd, 2019 by issuing a Downtrend alert when the shares were trading at $5.21. Since that call, shares of Penn Reit have fallen 84.2%. 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 penn reit

Ticker(s): PEI