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Possible Bullish Inside Day Candle Pattern Detected for Mfa Financial (NYSE:MFA)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Mfa Financial (NYSE:MFA) based on the price action in the company's shares. Yesterday's price range of $7.16 and $7.24 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 Mfa 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.

MFA Financial, Inc. is a real estate investment trust primarily engaged in the business of investing, on a leveraged basis, in residential mortgage assets, including residential mortgage-backed securities and residential whole loans.

Mfa Financial share prices have moved between a 52-week high of $7.82 and a 52-week low of $6.40 and closed yesterday at 13% above that low price at $7.20 per share. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.

Mfa Financial (NYSE:MFA) has potential upside of 4.9% based on a current price of $7.20 and analysts' consensus price target of $7.55. Mfa Financial shares should encounter resistance at the 50-day moving average (MA) of $7.21 and support at its 200-day MA of $7.20.

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

Keywords: bullish am inside day candle mfa financial

Ticker(s): MFA