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

By Shiri Gupta

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 $27.38 and $27.44 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 (NYSE:JOY) defies analysts with a current price ($27.43) 27.3% above its average consensus price target of $19.95. The stock should find initial support at its 50-day moving average (MA) of $17.02 and further support at its 200-day MA of $16.52.

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.

In the past 52 weeks, Joy Global share prices have been bracketed by a low of $8.35 and a high of $44.75 and are now at $27.43, 229% above that low price. The 200-day and 50-day moving averages have moved 1.25% lower and 3.65% higher over the past week, respectively.

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 43.1%. 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