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Possible Bullish Inside Day Candle Pattern Detected for Invesco Mortgage Capital (NYSE:IVR)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Invesco Mortgage Capital (NYSE:IVR) based on the price action in the company's shares. Today's price range of $13.58 and $13.72 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 Invesco Mortgage Capital may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 11.6% exists for Invesco Mortgage Capital, based on a current level of $13.59 and analysts' average consensus price target of $15.17. The stock should find initial support at its 200-day moving average (MA) of $12.57 and further support at its 50-day MA of $12.26.

In the past 52 weeks, Invesco Mortgage Capital share prices have been bracketed by a low of $9.74 and a high of $16.13 and are now at $13.59, 40% above that low price. The 200-day and 50-day moving averages have moved 0.35% lower and 1.34% higher over the past week, respectively.

Invesco Mortgage Capital invests in mortgage-backed securities for which a United States government agency guarantees payments of principal and interest. The Company also invests in non-agency residential mortgage-backed securities, commercial mortgage-backed securities, and residential and commercial loans.

SmarTrend recommended that subscribers consider buying shares of Invesco Mortgage Capital on February 26th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $11.37. Since that recommendation, shares of Invesco Mortgage Capital have risen 21.0%. We continue to monitor IVR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle invesco mortgage capital

Ticker(s): IVR