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Possible Bearish Inside Day Candle Pattern Detected for Royal Gold (NASDAQ:RGLD)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Royal Gold (NASDAQ:RGLD) based on the price action in the company's shares. Yesterday's price range of $65.94 and $67.22 is within the prior day'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 Royal Gold may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Royal Gold share prices have moved between a 52-week high of $77.20 and a 52-week low of $24.68 and closed yesterday at 170% above that low price at $66.53 per share. The 200-day and 50-day moving averages have moved 0.24% higher and 2.47% higher over the past week, respectively.

Royal Gold, Inc. is a United States-based precious metals royalty company that invests in public companies that hold and manage royalties on precious metals properties. The Company holds investments in a number of properties located in the United States, Argentina, Greece, and Bulgaria.

Royal Gold (NASDAQ:RGLD) is currently priced 7.0% above its average consensus analyst price target of $61.89. The stock should find initial support at its 50-day moving average (MA) of $52.55 and further support at its 200-day MA of $45.10.

SmarTrend recommended that subscribers consider buying shares of Royal Gold on June 6th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $61.51. Since that recommendation, shares of Royal Gold have risen 9.8%. We continue to monitor RGLD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle Royal Gold

Ticker(s): RGLD