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Possible Bullish Inside Day Candle Pattern Detected for Astoria Financial (NYSE:AF)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Astoria Financial (NYSE:AF) based on the price action in the company's shares. Yesterday's price range of $14.46 and $14.67 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 Astoria Financial may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 15.3% for shares of Astoria Financial based on a current price of $14.60 and an average consensus analyst price target of $16.83. The stock should find initial resistance at its 50-day moving average (MA) of $15.40 and further resistance at its 200-day MA of $15.70.

In the past 52 weeks, Astoria Financial share prices have been bracketed by a low of $12.81 and a high of $18.13 and closed yesterday at $14.60, 14% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.

Astoria Financial Corporation is a bank holding company. The Bank attracts deposits from the general public and invests those deposits, along with other funds, in a variety of loans and mortgage backed securities.

SmarTrend is tracking the current trend status for Astoria Financial and will alert subscribers who have AF in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle astoria financial

Ticker(s): AF