Annaly Capital (NLY) May Bounce Higher After Hitting Key Support Level

November 7, 2012 11:30 AM EST
Annaly Capital Management (NYSE: NLY) shares have slipped over the last two trading sessions following third-quarter results and appointment of a new CEO on Monday. Shares are own just under 9 percent since the close on Monday.

But, the worst might be over. Looking at a chart of the last year, Annaly has shown some strong support at the $14.50 level, right where it's trading today. Most of the action takes place last March and April.

If Annaly breaches $14.50, the next logical support might be $13.50, seen following a sharp drop in October 2011.

Volume on the session is heavy once again, with 19 million shares trading hands at noon. About 33 million traded yesterday, compared with the daily average of 12.7 million. Shares are down 4.8 percent on the session.

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