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Possible Bullish Inside Day Candle Pattern Detected for New Relic Inc (NYSE:NEWR)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in New Relic Inc (NYSE:NEWR) based on the price action in the company's shares. Yesterday's price range of $61.04 and $61.74 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 New Relic Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 40.9% exists for New Relic Inc, based on a current level of $61.52 and analysts' average consensus price target of $86.67. New Relic Inc shares should first meet resistance at the 50-day moving average (MA) of $62.83 and find additional resistance at the 200-day MA of $88.36.

In the past 52 weeks, shares of New Relic Inc have traded between a low of $50.00 and a high of $109.00 and closed yesterday at $61.52, which is 23% above that low price. The 200-day and 50-day moving averages have moved 0.32% lower and 3.01% lower over the past week, respectively.

New Relic, Inc. provides cloud based application performance management solutions for cloud and data center applications. The Company offers a solution including real user, application, and availability monitoring features that enable developers and operations teams to manage web application performance in real-time. New Relic conducts its business in the United States.

SmarTrend is tracking the current trend status for New Relic Inc and will alert subscribers who have NEWR in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle new relic inc

Ticker(s): NEWR