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Possible Bullish Inside Day Candle Pattern Detected for Royal Gold (NASDAQ:RGLD)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Royal Gold (NASDAQ:RGLD) based on the price action in the company's shares. Today's price range of $77.49 and $78.93 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 Royal Gold may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Royal Gold have traded between a low of $24.68 and a high of $83.61 and are now at $78.71, which is 219% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.5% while the 200-day MA has risen 0.2%.

Royal Gold, Inc. is a United States-based precious metals royalty company that invests in public companies that hold and manage royalties on precious metals properties. The Company holds investments in a number of properties located in the United States, Argentina, Greece, and Bulgaria.

Royal Gold (NASDAQ:RGLD) is currently priced 21.4% above its average consensus analyst price target of $61.89. The stock should find initial support at its 50-day moving average (MA) of $52.55 and further support at its 200-day MA of $45.10.

SmarTrend recommended that subscribers consider buying shares of Royal Gold on June 6th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $61.51. Since that recommendation, shares of Royal Gold have risen 25.6%. We continue to monitor RGLD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle Royal Gold

Ticker(s): RGLD