Shares of Invesco Mortgage Capital Inc. (NYSE:IVR) have been ripping higher, but the rally may be over.
In January, after a large move higher, Invesco’s stock hit the $4.60 level. They ran into a wall of sellers and this put an end to the rally. A rapid and large sell-off followed.
Today, shares reached the $4.60 level and once again ran into a wall of resistance and backed off.
In the stock market, certain price levels can be important for a long time and this is a perfect example. If it can break this resistance level, there’s a good chance that IVR begins to head lower.
