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Possible Bullish Inside Day Candle Pattern Detected for Joy Global (NYSE:JOY)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Joy Global (NYSE:JOY) based on the price action in the company's shares. Yesterday's price range of $19.04 and $20.11 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 Joy Global may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 2.3% exists for Joy Global, based on a current level of $19.50 and analysts' average consensus price target of $19.95. The stock should find initial support at its 50-day moving average (MA) of $17.02 and further support at its 200-day MA of $16.52.

Joy Global Inc. manufactures and markets underground mining equipment and surface mining equipment. The Company's equipment is used for the extraction of ores and minerals.

In the past 52 weeks, shares of Joy Global have traded between a low of $8.35 and a high of $44.75 and closed yesterday at $19.50, which is 134% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1.3% while the 50-day MA has advanced 3.7%.

SmarTrend is tracking the current trend status for Joy Global and will alert subscribers who have JOY in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle Joy Global

Ticker(s): JOY