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Possible Bullish Inside Day Candle Pattern Detected for Orchid Island Ca (NYSE:ORC)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Orchid Island Ca (NYSE:ORC) based on the price action in the company's shares. Yesterday's price range of $9.05 and $9.17 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 Orchid Island Ca may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Orchid Island Ca has traded in a range of $9.03 to $12.60 and closed yesterday at $9.12, 1% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.2%.

There is potential upside of 15.1% for shares of Orchid Island Ca based on a current price of $9.12 and an average consensus analyst price target of $10.50. The stock should find initial resistance at its 200-day moving average (MA) of $9.44 and further resistance at its 50-day MA of $10.18.

Orchid Island Capital Inc. operates as an investment company. The Company invests in residential mortgage-backed securities. Orchid Island Capital serves customers in the State of Florida.

SmarTrend recommended that its subscribers protect gains by selling shares of Orchid Island Ca on July 19th, 2017 by issuing a Downtrend alert when the shares were trading at $9.77. Since that call, shares of Orchid Island Ca have fallen 7.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle orchid island ca

Ticker(s): ORC