• Return to Headlines

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

By Shiri Gupta

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. Yesterday's price range of $15.70 and $15.80 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 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.

Potential upside of 20.2% exists for New Resident, based on a current level of $15.72 and analysts' average consensus price target of $18.89. New Resident shares should first meet resistance at the 50-day moving average (MA) of $16.58 and find additional resistance at the 200-day MA of $16.90.

New Resident share prices have moved between a 52-week high of $18.75 and a 52-week low of $13.86 and closed yesterday at 13% above that low price at $15.72 per share. The 200-day and 50-day moving averages have moved 0.22% lower and 0.37% lower over the past week, respectively.

SmarTrend is monitoring the recent change of momentum in New Resident. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of New Resident in search of a potential trend change.

Keywords: bearish am inside day candle new resident

Ticker(s): NRZ