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Possible Bullish Inside Day Candle Pattern Detected for Western Asset Mo (NYSE:WMC)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Western Asset Mo (NYSE:WMC) based on the price action in the company's shares. Yesterday's price range of $9.50 and $9.63 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 Western Asset Mo may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Western Asset Mo (NYSE:WMC) is currently priced 6.3% above its average consensus analyst price target of $9.00. The stock should run into initial resistance at its 200-day moving average (MA) of $9.95 and subsequent resistance at its 50-day MA of $9.95.

Western Asset Mortgage Capital Corp. invests in, finances, and manages primarily residential mortgage-backed securities. The Company also invests commercial mortgage-backed and residential mortgage-backed securities guaranteed by the United States Government.

In the past 52 weeks, shares of Western Asset Mo have traded between a low of $8.26 and a high of $11.38 and closed yesterday at $9.60, which is 16% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.

SmarTrend is tracking the current trend status for Western Asset Mo and will alert subscribers who have WMC in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle western asset mo

Ticker(s): WMC