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Possible Bearish Inside Day Candle Pattern Detected for Dynex Capital (NYSE:DX)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Dynex Capital (NYSE:DX) based on the price action in the company's shares. Yesterday's price range of $16.81 and $16.93 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 Dynex Capital may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Dynex Capital (NYSE:DX) is currently priced 58.9% above its average consensus analyst price target of $6.94. The stock should find initial support at its 50-day moving average (MA) of $15.57 and further support at its 200-day MA of $8.88.

Dynex Capital, Inc. is a real estate investment trust. The Company invests in mortgage loans and securities on a leveraged basis and it has investments in securitized residential and commercial mortgage loans. Dynex Capital finances its investments through re-purchase agreements, securitization financing, and equity capital in the State of Virginia.

Dynex Capital share prices have moved between a 52-week high of $17.41 and a 52-week low of $0.60 and closed yesterday at 2,713% above that low price at $16.88 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has risen 2.8%.

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

Keywords: bearish am inside day candle dynex capital

Ticker(s): DX