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

By David Diaz

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 $6.27 and $6.27 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.

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.

Over the past year, New York Mtge has traded in a range of $5.58 to $6.54 and is now at $6.27, 12% above that low. The 200-day and 50-day moving averages have moved 0.02% higher and 0.07% lower over the past week, respectively.

Based on a current price of $6.27, New York Mtge is currently 4.3% above its average consensus analyst 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 $6.12.

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