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

By David Diaz

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 $15.77 and $15.81 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.

There is potential upside of 19.5% for shares of New Resident based on a current price of $15.81 and an average consensus analyst price target of $18.89. The stock should find initial resistance at its 50-day moving average (MA) of $16.29 and further resistance at its 200-day MA of $16.74.

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, shares of New Resident have traded between a low of $13.86 and a high of $18.75 and are now at $15.81, which is 14% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has declined 0.5%.

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