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

By Amy Schwartz

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 $6.16 and $6.17 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.

Over the past year, New York Mtge has traded in a range of $5.58 to $6.54 and is now at $6.17, 11% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.2%.

New York Mtge (NASDAQ:NYMT) defies analysts with a current price ($6.17) 2.8% above its average consensus price target of $6.00. New York Mtge shares have support at the 200-day moving average (MA) of $6.15 and additional support at the 50-day MA of $6.13.

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.

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