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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Invesco Mortgage (NYSE:IVR) based on the price action in the company's shares. Yesterday's price range of $17.26 and $17.58 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 Invesco 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.

Invesco Mortgage (NYSE:IVR) has potential upside of 3.9% based on a current price of $17.44 and analysts' consensus price target of $18.12. 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.

Invesco Mortgage share prices have moved between a 52-week high of $18.86 and a 52-week low of $13.24 and closed yesterday at 32% above that low price at $17.44 per share. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 1.3%.

Invesco Mortgage Capital Inc. operates as a real estate investment trust. The Trust acquires, finances, and manages residential and commercial mortgage-backed securities and mortgage loans.

SmarTrend recommended that subscribers consider buying shares of Invesco Mortgage on December 12th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $15.87. Since that recommendation, shares of Invesco Mortgage have risen 8.7%. We continue to monitor IVR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle invesco mortgage

Ticker(s): IVR