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Possible Bearish Inside Day Candle Pattern Detected for New Resident (NYSE:NRZ)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in New Resident (NYSE:NRZ) based on the price action in the company's shares. Today's price range of $17.21 and $17.30 is within yesterday'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 Resident may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

New Residential Investment Corp. is a public real estate investment trust focused on investing in the residential housing sector. The Company makes investments in residential mortgage related assets, such as excess mortgage servicing rights and residential mortgage backed securities.

Over the past year, New Resident has traded in a range of $15.24 to $18.75 and is now at $17.25, 13% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.5%.

New Resident has overhead space with shares priced $17.25, or 8.7% below the average consensus analyst price target of $18.89. The stock should find initial resistance at its 50-day moving average (MA) of $17.57 and further resistance at its 200-day MA of $17.63.

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

Keywords: bearish inside day candle new resident

Ticker(s): NRZ