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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. Today's price range of $16.72 and $16.76 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.

In the past 52 weeks, New Resident share prices have been bracketed by a low of $13.86 and a high of $18.75 and are now at $16.76, 21% above that low price. The 200-day and 50-day moving averages have moved 0.13% lower and 0.71% higher over the past week, respectively.

New Resident has overhead space with shares priced $16.76, or 11.3% below the average consensus analyst price target of $18.89. The stock should hit resistance at its 200-day moving average (MA) of $17.35, as well as support at its 50-day MA of $16.29.

SmarTrend recommended that subscribers consider buying shares of New Resident on January 14th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $15.83. Since that recommendation, shares of New Resident have risen 5.6%. We continue to monitor NRZ for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle new resident

Ticker(s): NRZ