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Possible Bearish Inside Day Candle Pattern Detected for New York Mtge (NASDAQ:NYMT)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in New York Mtge (NASDAQ:NYMT) based on the price action in the company's shares. Yesterday's price range of $6.05 and $6.05 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 New York Mtge may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

New York Mtge (NASDAQ:NYMT) is currently priced 0.8% above its average consensus analyst price target of $6.00. New York Mtge shares should first meet resistance at the 200-day moving average (MA) of $6.15 and find additional resistance at the 50-day MA of $6.15.

New York Mortgage Trust, Inc. is a real estate investment trust that acquires and manages primarily real estate related assets. The Company's assets include agency and non-agency mortgage-backed securities, high credit quality residential adjustable rate mortgage loans, commercial mortgage loans, and other financial assets.

In the past 52 weeks, New York Mtge share prices have been bracketed by a low of $5.58 and a high of $6.54 and closed yesterday at $6.05, 8% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

SmarTrend is tracking the current trend status for New York Mtge and will alert subscribers who have NYMT in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle new york mtge

Ticker(s): NYMT