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Possible Bullish Inside Day Candle Pattern Detected for Annaly Capital M (NYSE:NLY)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Annaly Capital M (NYSE:NLY) based on the price action in the company's shares. Yesterday's price range of $9.54 and $9.56 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. Traders and investors interested in shares of Annaly Capital M may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Annaly Capital M has traded in a range of $9.50 to $10.78 and closed yesterday at $9.54, 0% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.3% while the 200-day MA has remained constant.

Potential upside of 8.3% exists for Annaly Capital M, based on a current level of $9.54 and analysts' average consensus price target of $10.33. Annaly Capital M shares should first meet resistance at the 50-day moving average (MA) of $10.02 and find additional resistance at the 200-day MA of $10.15.

Annaly Capital Management, Inc. operates as a capital manager. The Company invests in and finances residential and commercial assets. Annaly Capital Management serves customers in the State of New York.

SmarTrend is tracking the current trend status for Annaly Capital M and will alert subscribers who have NLY in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle annaly capital m

Ticker(s): NLY