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Possible Bullish Inside Day Candle Pattern Detected for Invesco Mortgage (NYSE:IVR)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Invesco Mortgage (NYSE:IVR) based on the price action in the company's shares. Yesterday's price range of $16.82 and $16.94 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 Invesco Mortgage may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Invesco Mortgage Capital Inc. operates as a real estate investment trust. The Trust acquires, finances, and manages residential and commercial mortgage-backed securities and mortgage loans.

Over the past year, Invesco Mortgage has traded in a range of $14.81 to $17.33 and closed yesterday at $16.91, 14% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.6%.

Based on a current price of $16.91, Invesco Mortgage is currently 1.7% above its average consensus analyst price target of $16.62. The stock should find initial support at its 50-day moving average (MA) of $16.38 and further support at its 200-day MA of $16.04.

SmarTrend recommended that subscribers consider buying shares of Invesco Mortgage on November 11th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $16.23. Since that recommendation, shares of Invesco Mortgage have risen 3.3%. We continue to monitor IVR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle invesco mortgage

Ticker(s): IVR