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Possible Bearish Inside Day Candle Pattern Detected for Invesco Mortgage (NYSE:IVR)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Invesco Mortgage (NYSE:IVR) based on the price action in the company's shares. Today's price range of $16.10 and $16.11 is within yesterday'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 Invesco Mortgage may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Invesco Mortgage has overhead space with shares priced $16.10, or 3.2% below the average consensus analyst price target of $16.62. The stock should find initial support at its 50-day moving average (MA) of $15.81 and further support at its 200-day MA of $15.76.

Invesco Mortgage Capital Inc. operates as a real estate investment trust. The Trust acquires, finances, and manages residential and commercial mortgage-backed securities and mortgage loans.

In the past 52 weeks, Invesco Mortgage share prices have been bracketed by a low of $13.67 and a high of $16.66 and are now at $16.10, 18% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.8%.

SmarTrend recommended that subscribers consider buying shares of Invesco Mortgage on January 14th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $15.64. Since that recommendation, shares of Invesco Mortgage have risen 3.2%. We continue to monitor IVR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle invesco mortgage

Ticker(s): IVR