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Possible Bullish Inside Day Candle Pattern Detected for Cedar Shopping Centers (NYSE:CDR)

Published on Wed, 04/17/2013 - 07:55
By Mallory Stone

Analyzing the price chart for Cedar Shopping Centers (NYSE:CDR) has revealed a potential bullish inside day candle pattern. Yesterday's price range of $6.01 and $6.18 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 Cedar Shopping Centers may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Cedar Shopping Centers Inc. is a real estate investment trust. The Company has investments primarily in multi-tenant, supermarket-anchored shopping centers and drug store-anchored convenience centers.

Cedar Shopping Centers (NYSE:CDR) is currently priced 14.6% above its average consensus analyst price target of $5.25. The stock should discover initial support at its 50-day moving average (MA) of $5.77 and subsequent support at its 200-day MA of $5.42.

Over the past year, Cedar Shopping Centers has traded in a range of $4.53 to $6.45 and closed yesterday at $6.15, 36% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has risen 0.4%.

By Mallory Stone