Mortgage Lender with Strong Trend Forms High Tight Bull Flag
Mr. Cooper Group (COOP) shares of the mortgage lender continue to show great relative strength in a solid uptrend and popped higher to close back near the monthly value area high after the minor dip to the rising 55-day MA this week held key support and formed a bull hammer candle. COOP can breakout on a close above 84.50 and likely target 87 as the first Fibonacci extension. COOP and other interest rate sensitive names in the real estate market should see a stronger move higher into summer with rate cuts becoming more of a given. COOP saw large insider buying earlier this year with the President buying $1.2M of stock near $71/share.