• Return to Headlines

Possible Bullish Inside Day Candle Pattern Detected for New Resident (NYSE:NRZ)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in New Resident (NYSE:NRZ) based on the price action in the company's shares. Yesterday's price range of $16.07 and $16.21 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 Resident may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

New Residential Investment Corp. is a public real estate investment trust focused on investing in the residential housing sector. The Company makes investments in residential mortgage related assets, such as excess mortgage servicing rights and residential mortgage backed securities.

There is potential upside of 17.4% for shares of New Resident based on a current price of $16.09 and an average consensus analyst price target of $18.89. The stock should find initial support at its 50-day moving average (MA) of $15.85 and further support at its 200-day MA of $15.72.

Over the past year, New Resident has traded in a range of $13.63 to $17.34 and closed yesterday at $16.09, 18% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.3%.

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

Keywords: bullish am inside day candle new resident

Ticker(s): NRZ