Friday, September 25, 2015

NorthStar Asset Management Group Inc (NYSE: NSAM)

Northstar Asset Management Group Inc. provides asset management and other services in the United States and internationally. It also offers securitization transaction services. The company is based in New York, New York. Northstar Asset Management Group Inc. operates independently of NorthStar Realty Finance Corp. as of June 30, 2014.
Take a look at the 1-year chart of Gulfport (NYSE: NSAM) below with added notations:
1-year chart of Gulfport (NYSE: NSAM)
After rallying from October into March, NSAM consistently declined over next five of months. Since bottoming in August, the stock has been consolidating within a sideways range. While in that sideways move, the stock has formed a common pattern known as a rectangle. A minimum of (2) successful tests of the support and (2) successful tests of the resistance will give you the pattern.
NSAM’s rectangle pattern has formed a resistance at $17.50 (red), which has also been a prior support, and a $16 support (green). At some point the stock will have to break one of the two levels.

The Tale of the Tape: NSAM is trading within a rectangle pattern. The possible long positions on the stock would be either on a pullback to $16 or on a breakout above $17.50. The ideal short opportunity would be on a break below $16.

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