Possible Bearish Inside Day Candle Pattern Detected for Penn Virginia Resource Partners (NYSE:PVR)
SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Penn Virginia Resource Partners (NYSE:PVR) based on the price action in the company's shares. Today's price range of $25.52 and $25.92 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 Penn Virginia Resource Partners may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.
Penn Virginia Resource Partners, L.P. manages coal and natural resource properties and processes natural gas in the United States. The Company enters into long-term leases with third-party mine operators and receives royalty payments based on their output. Penn Virginia also provides coal preparation and transportation facilities to its lessees.
Over the past year, Penn Virginia Resource Partners has traded in a range of $21.34 to $27.50 and is now at $25.67, 20% above that low. The 200-day and 50-day moving averages have moved 0.08% higher and 0.07% lower over the past week, respectively.
Penn Virginia Resource Partners has overhead space with shares priced $25.67, or 11.5% below the average consensus analyst price target of $29.00. Penn Virginia Resource Partners shares have support at the 200-day moving average (MA) of $24.49 and additional support at the 50-day MA of $24.46.
SmarTrend recommended that subscribers consider buying shares of Penn Virginia Resource Partners on November 29th, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $24.21. Since that recommendation, shares of Penn Virginia Resource Partners have risen 7.4%. We continue to monitor PVR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: bearish inside day candle penn virginia resource partners