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Possible Bearish Inside Day Candle Pattern Detected for New Relic Inc (NYSE:NEWR)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in New Relic Inc (NYSE:NEWR) based on the price action in the company's shares. Yesterday's price range of $67.62 and $68.63 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 New Relic Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

New Relic, Inc. provides cloud based application performance management solutions for cloud and data center applications. The Company offers a solution including real user, application, and availability monitoring features that enable developers and operations teams to manage web application performance in real-time. New Relic serves customers in the United States.

There is potential upside of 26.7% for shares of New Relic Inc based on a current price of $68.42 and an average consensus analyst price target of $86.67. The stock should hit resistance at its 200-day moving average (MA) of $84.35, as well as support at its 50-day MA of $63.54.

Over the past year, New Relic Inc has traded in a range of $50.00 to $109.00 and closed yesterday at $68.42, 37% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has advanced 0.8%.

SmarTrend recommended that subscribers consider buying shares of New Relic Inc on November 1st, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $64.83. Since that recommendation, shares of New Relic Inc have risen 5.5%. We continue to monitor NEWR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle new relic inc

Ticker(s): NEWR