• Return to Headlines

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. Today's price range of $6.14 and $6.14 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 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.

In the past 52 weeks, shares of New York Mtge have traded between a low of $5.58 and a high of $6.54 and are now at $6.14, which is 10% above that low price. The 200-day and 50-day moving averages have moved 0.03% lower and 0.04% lower over the past week, respectively.

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.

New York Mtge (NASDAQ:NYMT) is currently priced 2.3% above its average consensus analyst price target of $6.00. The stock should find initial resistance at its 200-day moving average (MA) of $6.15 and further resistance at its 50-day MA of $6.15.

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 inside day candle new york mtge

Ticker(s): NYMT