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Possible Bearish Inside Day Candle Pattern Detected for Great Ajax Corp (NYSE:AJX)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Great Ajax Corp (NYSE:AJX) based on the price action in the company's shares. Yesterday's price range of $6.61 and $7.43 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. Owners of Great Ajax Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 128.3% for shares of Great Ajax Corp based on a current price of $6.92 and an average consensus analyst price target of $15.80. Great Ajax Corp shares should first meet resistance at the 50-day moving average (MA) of $12.99 and find additional resistance at the 200-day MA of $14.28.

In the past 52 weeks, Great Ajax Corp share prices have been bracketed by a low of $4.11 and a high of $15.96 and closed yesterday at $6.92, 68% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1.2% while the 50-day MA has declined 6.3%.

Great Ajax Corp. is a real estate investment trust. The Company acquires, invests, and manages a portfolio of mortgage-based loan assets secured by single and multi family residences, commercial retail, and residential properties.

SmarTrend is monitoring the recent change of momentum in Great Ajax Corp. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Great Ajax Corp in search of a potential trend change.

Keywords: bearish am inside day candle great ajax corp

Ticker(s): AJX