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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish 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 $3.75 and $3.89 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 Orchid Island Ca may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

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.

Orchid Island Ca share prices have moved between a 52-week high of $6.94 and a 52-week low of $1.53 and closed yesterday at 146% above that low price at $3.76 per share. The 200-day and 50-day moving averages have moved 0.79% lower and 3.35% lower over the past week, respectively.

There is potential upside of 116.1% for shares of Orchid Island Ca based on a current price of $3.76 and an average consensus analyst price target of $8.12. Orchid Island Ca shares should encounter resistance at the 200-day moving average (MA) of $5.37 and support at the 50-day MA of $3.75.

SmarTrend is tracking the current trend status for Orchid Island Ca and will alert subscribers who have ORC in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle orchid island ca

Ticker(s): ORC