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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 $8.39 and $8.78 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.

Great Ajax Corp has overhead space with shares priced $8.70, or 44.9% below the average consensus analyst price target of $15.80. The stock should find initial resistance at its 50-day moving average (MA) of $9.24 and further resistance at its 200-day MA of $13.54.

Great Ajax Corp share prices have moved between a 52-week high of $15.96 and a 52-week low of $3.96 and closed yesterday at 120% above that low price at $8.70 per share. Over the past week, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has declined 5.7%.

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 recommended that subscribers consider buying shares of Great Ajax Corp on April 7th, 2020 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $5.93. Since that recommendation, shares of Great Ajax Corp have risen 49.9%. We continue to monitor AJX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle great ajax corp

Ticker(s): AJX