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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Independence Rea (NYSE:IRT) based on the price action in the company's shares. Yesterday's price range of $14.22 and $14.37 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 Independence Rea may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

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.

Independence Rea share prices have moved between a 52-week high of $15.89 and a 52-week low of $9.71 and closed yesterday at 47% above that low price at $14.28 per share. The 200-day and 50-day moving averages have moved 0.43% higher and 0.44% lower over the past week, respectively.

Independence Rea (NYSE:IRT) is currently priced 28.0% above its average consensus analyst price target of $10.29. The stock should hit resistance at its 50-day moving average (MA) of $14.35, as well as support at its 200-day MA of $12.89.

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: bearish am inside day candle independence rea

Ticker(s): IRT