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Possible Bearish Inside Day Candle Pattern Detected for Tri Pointe Group (NYSE:TPH)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Tri Pointe Group (NYSE:TPH) based on the price action in the company's shares. Yesterday's price range of $14.62 and $14.87 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 Tri Pointe Group may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Tri Pointe Group has traded in a range of $10.37 to $15.18 and closed yesterday at $14.61, 41% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.6%.

TRI Pointe Group, Inc. provides construction services. The Company designs, builds, develops, and constructs residential homes. TRI Pointe Homes serves customers throughout the United States.

Tri Pointe Group has overhead space with shares priced $14.61, or 29.3% below the average consensus analyst price target of $20.67. The stock should find initial support at its 50-day moving average (MA) of $14.15 and further support at its 200-day MA of $13.10.

SmarTrend is tracking the current trend status for Tri Pointe Group and will alert subscribers who have TPH in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle tri pointe group

Ticker(s): TPH