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Possible Bullish Inside Day Candle Pattern Detected for Armour Residenti (NYSE:ARR)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Armour Residenti (NYSE:ARR) based on the price action in the company's shares. Yesterday's price range of $16.67 and $16.83 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 Armour Residenti may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

ARMOUR Residential REIT, Inc. is a real estate investment trust. The Company invests in Agency and Non-Agency mortgage related assets on a leveraged basis.

Armour Residenti share prices have moved between a 52-week high of $24.07 and a 52-week low of $16.62 and closed yesterday at 1% above that low price at $16.75 per share. The 200-day and 50-day moving averages have moved 0.28% lower and 0.26% lower over the past week, respectively.

Armour Residenti (NYSE:ARR) has potential upside of 39.3% based on a current price of $16.75 and analysts' consensus price target of $23.33. The stock should run into initial resistance at its 50-day moving average (MA) of $18.21 and subsequent resistance at its 200-day MA of $19.85.

SmarTrend is monitoring the recent change of momentum in Armour Residenti. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Armour Residenti in search of a potential trend change.

Keywords: bullish am inside day candle armour residenti

Ticker(s): ARR