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Possible Bearish Inside Day Candle Pattern Detected for Joy Global (NYSE:JOY)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Joy Global (NYSE:JOY) based on the price action in the company's shares. Today's price range of $27.51 and $27.66 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 Joy Global may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Joy Global Inc. manufactures and markets underground mining equipment and surface mining equipment. The Company's equipment is used for the extraction of ores and minerals.

Over the past year, Joy Global has traded in a range of $8.35 to $44.75 and is now at $27.56, 230% above that low. Over the past week, the 200-day moving average (MA) has gone down 1.3% while the 50-day MA has advanced 3.7%.

Joy Global (NYSE:JOY) defies analysts with a current price ($27.56) 27.6% above its average consensus price target of $19.95. The stock should discover initial support at its 50-day moving average (MA) of $17.02 and subsequent support at its 200-day MA of $16.52.

SmarTrend recommended that subscribers consider buying shares of Joy Global on June 2nd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $19.21. Since that recommendation, shares of Joy Global have risen 44.1%. We continue to monitor JOY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle Joy Global

Ticker(s): JOY