Possible Bearish Inside Day Candle Pattern Detected for Jaguar Mining (NYSE:JAG)
SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Jaguar Mining (NYSE:JAG) based on the price action in the company's shares. Today's price range of $0.72 and $0.75 is within yesterday'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 Jaguar Mining may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.
Jaguar Mining share prices have moved between a 52-week high of $7.35 and a 52-week low of $0.58 and are now trading 27% above that low price at $0.73 per share. Over the past week, the 200-day moving average (MA) has gone down 4.8% while the 50-day MA has declined 3.5%.
Jaguar Mining Inc. acquires, explores, develops, and operates gold mineral properties in Brazil. The Company owns operations in the state of Minas Gerais, Brazil.
Jaguar Mining (NYSE:JAG) has potential upside of 36.4% based on a current price of $0.73 and analysts' consensus price target of $1.00. Jaguar Mining shares should first meet resistance at the 50-day moving average (MA) of $0.83 and find additional resistance at the 200-day MA of $1.56.
SmarTrend recommended that its subscribers protect gains by selling shares of Jaguar Mining on November 2nd, 2012 by issuing a Downtrend alert when the shares were trading at $1.01. Since that call, shares of Jaguar Mining have fallen 23.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Keywords: bearish inside day candle jaguar mining