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Possible Bullish Inside Day Candle Pattern Detected for Capstead Mortgage (NYSE:CMO)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Capstead Mortgage (NYSE:CMO) based on the price action in the company's shares. Today's price range of $10.70 and $10.77 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. Traders and investors interested in shares of Capstead Mortgage may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Capstead Mortgage have traded between a low of $7.48 and a high of $11.97 and are now at $10.76, which is 44% above that low price. The 200-day and 50-day moving averages have moved 0.41% lower and 0.02% lower over the past week, respectively.

Capstead Mortgage Corporation is a real estate investment trust and earns income from investing in real-estate related assets on a leveraged basis. The Company's investments currently consist primarily of residential ARM securities issued and guaranteed by government-sponsored entities.

Capstead Mortgage (NYSE:CMO) is currently priced 11.7% above its average consensus analyst price target of $9.50. Capstead Mortgage shares have support at the 200-day moving average (MA) of $9.81 and additional support at the 50-day MA of $9.76.

SmarTrend recommended that subscribers consider buying shares of Capstead Mortgage on November 16th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $10.00. Since that recommendation, shares of Capstead Mortgage have risen 6.9%. We continue to monitor CMO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle capstead mortgage

Ticker(s): CMO