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Possible Bullish Inside Day Candle Pattern Detected for Vale (NASDAQ:VALE)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Vale (NASDAQ:VALE) based on the price action in the company's shares. Today's price range of $5.55 and $5.72 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 Vale may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Vale SA produces and sells iron ore, pellets, manganese, alloys, gold, nickel, copper, kaolin, bauxite, alumina, aluminum, and potash. The Company is based in Brazil, where it owns and operates railroads and maritime terminals.

Vale (NASDAQ:VALE) is currently priced 2.8% above its average consensus analyst price target of $5.40. The stock should discover initial support at its 50-day moving average (MA) of $4.48 and subsequent support at its 200-day MA of $4.10.

Vale share prices have moved between a 52-week high of $9.14 and a 52-week low of $2.13 and are now trading 161% above that low price at $5.55 per share. The 200-day and 50-day moving averages have moved 0.2% lower and 3.72% higher over the past week, respectively.

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

Keywords: bullish inside day candle

Ticker(s): VALE