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Possible Bearish Inside Day Candle Pattern Detected for Radian Group Inc (NYSE:RDN)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Radian Group Inc (NYSE:RDN) based on the price action in the company's shares. Yesterday's price range of $14.35 and $15.50 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 Radian Group Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Radian Group Inc have traded between a low of $10.39 and a high of $26.32 and closed yesterday at $14.70, which is 41% above that low price. The 200-day and 50-day moving averages have moved 1.06% lower and 5.18% lower over the past week, respectively.

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.

Radian Group Inc has overhead space with shares priced $14.70, or 35.4% below the average consensus analyst price target of $22.75. The stock should run into initial resistance at its 50-day moving average (MA) of $21.59 and subsequent resistance at its 200-day MA of $23.33.

SmarTrend recommended that its subscribers protect gains by selling shares of Radian Group Inc on February 14th, 2020 by issuing a Downtrend alert when the shares were trading at $24.15. Since that call, shares of Radian Group Inc have fallen 39.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle radian group inc

Ticker(s): RDN