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Possible Bullish Inside Day Candle Pattern Detected for Franco-Nevada (NYSE:FNV)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Franco-Nevada (NYSE:FNV) based on the price action in the company's shares. Today's price range of $76.76 and $78.11 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 Franco-Nevada may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Franco-Nevada Corporation is a resource royalty and investment company. The Company owns a diversified portfolio of precious and base metal royalties, oil and natural gas royalties and other interests, including assets in production, under development or in the exploration phase mostly located in geopolitically secure countries.

Over the past year, Franco-Nevada has traded in a range of $38.20 to $80.22 and is now at $77.59, 103% above that low. Over the past week, the 200-day moving average (MA) has gone up 1.0% while the 50-day MA has advanced 1.1%.

Based on a current price of $77.59, Franco-Nevada is currently 27.2% above its average consensus analyst price target of $56.47. The stock should find initial support at its 50-day moving average (MA) of $63.64 and further support at its 200-day MA of $50.81.

SmarTrend recommended that subscribers consider buying shares of Franco-Nevada on June 3rd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $68.46. Since that recommendation, shares of Franco-Nevada have risen 10.6%. We continue to monitor FNV for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle franco-nevada

Ticker(s): FNV