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Possible Bearish Inside Day Candle Pattern Detected for New Senior Inves (NYSE:SNR)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in New Senior Inves (NYSE:SNR) based on the price action in the company's shares. Yesterday's price range of $3.06 and $3.33 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 New Senior Inves may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

New Senior Investment Group Inc. is a real estate investment trust. The Company's portfolio consists of senior housing properties in the United States. New Senior Investment's properties includes managed and triple net lease properties, which are comprised of independent living and health care services.

Over the past year, New Senior Inves has traded in a range of $1.72 to $8.35 and closed yesterday at $3.31, 92% above that low. The 200-day and 50-day moving averages have moved 1.19% lower and 9.63% lower over the past week, respectively.

There is potential upside of 171.9% for shares of New Senior Inves based on a current price of $3.31 and an average consensus analyst price target of $9.00. The stock should run into initial resistance at its 50-day moving average (MA) of $3.85 and subsequent resistance at its 200-day MA of $6.37.

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

Keywords: bearish am inside day candle new senior inves

Ticker(s): SNR