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

By Shiri Gupta

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 $15.32 and $15.61 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.

In the past 52 weeks, Tri Pointe Group share prices have been bracketed by a low of $10.37 and a high of $16.33 and closed yesterday at $15.59, 50% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.9% while the 200-day MA has risen 0.5%.

Potential upside of 32.6% exists for Tri Pointe Group, based on a current level of $15.59 and analysts' average consensus price target of $20.67. Tri Pointe Group shares have support at the 50-day moving average (MA) of $14.93 and additional support at the 200-day MA of $13.51.

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.

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