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Possible Bullish Inside Day Candle Pattern Detected for Independence Rea (NYSE:IRT)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Independence Rea (NYSE:IRT) based on the price action in the company's shares. Yesterday's price range of $14.44 and $14.62 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. Traders and investors interested in shares of Independence Rea may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Independence Rea have traded between a low of $8.75 and a high of $15.89 and closed yesterday at $14.51, which is 66% above that low price. The 200-day and 50-day moving averages have moved 0.61% higher and 0.35% higher over the past week, respectively.

Independence Rea (NYSE:IRT) defies analysts with a current price ($14.51) 29.1% above its average consensus price target of $10.29. The stock should find initial support at its 50-day moving average (MA) of $14.44 and further support at its 200-day MA of $11.99.

Independence Realty Trust, Inc. is an internally managed and advised apartment REIT focused on acquiring and owning well-located garden-style and mid-rise apartment properties throughout the United States.

SmarTrend is tracking the current trend status for Independence Rea and will alert subscribers who have IRT in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle independence rea

Ticker(s): IRT