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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. Yesterday's price range of $76.76 and $78.40 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. 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.

Over the past year, Franco-Nevada has traded in a range of $38.20 to $80.22 and closed yesterday at $77.51, 103% above that low. Over the last five market days, 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 $77.51, Franco-Nevada is currently 27.1% above its average consensus analyst price target of $56.47. Franco-Nevada shares have support at the 50-day moving average (MA) of $63.64 and additional support at the 200-day MA of $50.81.

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.

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 am inside day candle franco-nevada

Ticker(s): FNV