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Possible Bearish Inside Day Candle Pattern Detected for Caretrust Rei (NASDAQ:CTRE)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Caretrust Rei (NASDAQ:CTRE) based on the price action in the company's shares. Yesterday's price range of $20.48 and $20.71 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. Owners of Caretrust Rei may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Caretrust Rei have traded between a low of $18.98 and a high of $25.52 and closed yesterday at $20.61, which is 9% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 0.9%.

Caretrust Rei (NASDAQ:CTRE) is currently priced 20.5% above its average consensus analyst price target of $16.39. Caretrust Rei shares should first meet resistance at the 50-day moving average (MA) of $20.77 and find additional resistance at the 200-day MA of $23.06.

CareTrust REIT, Inc. acquires, owns, and leases real estate properties related to the Healthcare sector and senior housing living situations.

SmarTrend recommended that its subscribers protect gains by selling shares of Caretrust Rei on November 7th, 2019 by issuing a Downtrend alert when the shares were trading at $21.90. Since that call, shares of Caretrust Rei have fallen 5.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle caretrust rei

Ticker(s): CTRE