Possible Bullish Inside Day Candle Pattern Detected for Radian (NYSE:RDN)
SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Radian (NYSE:RDN) based on the price action in the company's shares. Today's price range of $11.86 and $12.01 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. Traders and investors interested in shares of Radian may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.
Radian Group Inc. provides financial guarantee insurance. The Company's products and services enable homebuyers to purchase homes more quickly and with smaller down payments, protect lenders against loan default, and lower the costs of mortgage origination and servicing. Radian also provides insurance and reinsurance to investors in corporate, municipal, and asset-backed securities.
Potential upside of 66.5% exists for Radian, based on a current level of $11.90 and analysts' average consensus price target of $19.82. The stock should run into initial resistance at its 50-day moving average (MA) of $12.08 and subsequent resistance at its 200-day MA of $14.10.
In the past 52 weeks, shares of Radian have traded between a low of $9.29 and a high of $19.13 and are now at $11.90, which is 28% above that low price. The 200-day and 50-day moving averages have moved 0.87% lower and 1.08% higher over the past week, respectively.
SmarTrend recommended that subscribers consider buying shares of Radian on February 12th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $11.11. Since that recommendation, shares of Radian have risen 6.3%. We continue to monitor RDN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: bullish inside day candle radian