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Possible Bearish Inside Day Candle Pattern Detected for Stillwater Mining (NYSE:SWC)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Stillwater Mining (NYSE:SWC) based on the price action in the company's shares. Yesterday's price range of $17.40 and $17.47 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 Stillwater Mining may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Stillwater Mining Company explores for, develops, extracts, processes, and refines platinum, palladium, and associated metals from the J-M Reef located in Stillwater and Sweet Grass Counties, Montana. The Company's current mining operations consist of the Stillwater Mine, an underground mine located in Nye, Montana.

Stillwater Mining (NYSE:SWC) is currently priced 2.3% above its average consensus analyst price target of $17.00. The stock should find initial support at its 50-day moving average (MA) of $10.54 and further support at its 200-day MA of $9.23.

Over the past year, Stillwater Mining has traded in a range of $4.99 to $17.54 and closed yesterday at $17.40, 249% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 2.5%.

SmarTrend recommended that subscribers consider buying shares of Stillwater Mining on October 28th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $13.36. Since that recommendation, shares of Stillwater Mining have risen 30.9%. We continue to monitor SWC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle stillwater mining

Ticker(s): SWC