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Possible Bearish Inside Day Candle Pattern Detected for Mtge Investment (NASDAQ:MTGE)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Mtge Investment (NASDAQ:MTGE) based on the price action in the company's shares. Yesterday's price range of $19.90 and $20.05 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 Mtge Investment may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Mtge Investment (NASDAQ:MTGE) defies analysts with a current price ($19.90) 1.3% above its average consensus price target of $19.63. The stock should find initial support at its 200-day moving average (MA) of $18.50 and further support at its 50-day MA of $18.39.

MTGE Investment Corp. (MTGE) operates as a hybrid mortgage real estate investment trust (REIT). The Company invests in agency mortgage-backed securities, non-agency mortgage investments, and other real estate-related assets. MTGE serves customers in the State of Maryland.

Mtge Investment share prices have moved between a 52-week high of $20.05 and a 52-week low of $15.23 and closed yesterday at 31% above that low price at $19.90 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has remained constant.

SmarTrend recommended that subscribers consider buying shares of Mtge Investment on March 14th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $18.00. Since that recommendation, shares of Mtge Investment have risen 11.4%. We continue to monitor MTGE for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle mtge investment

Ticker(s): MTGE