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Possible Bullish Inside Day Candle Pattern Detected for Agnico-Eagle Mines (NYSE:AEM)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Agnico-Eagle Mines (NYSE:AEM) based on the price action in the company's shares. Today's price range of $40.57 and $41.10 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. Traders and investors interested in shares of Agnico-Eagle Mines may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Agnico-Eagle Mines Limited is a gold producer with operations primarily in Quebec, Canada. The Company also conducts exploration and development activities in Ontario, Canada, and Nevada in the United States. Agnico-Eagle's gold production is primarily from underground mining operations.

In the past 52 weeks, Agnico-Eagle Mines share prices have been bracketed by a low of $21.00 and a high of $42.56 and are now at $41.01, 95% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.2% while the 200-day MA has risen 0.7%.

Agnico-Eagle Mines (NYSE:AEM) is currently priced 18.1% above its average consensus analyst price target of $33.58. The stock should find initial support at its 50-day moving average (MA) of $36.87 and further support at its 200-day MA of $29.03.

SmarTrend is tracking the current trend status for Agnico-Eagle Mines and will alert subscribers who have AEM in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle agnico-eagle mines

Ticker(s): AEM