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Possible Bearish Inside Day Candle Pattern Detected for Gannett Co Inc (NYSE:GCI)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Gannett Co Inc (NYSE:GCI) based on the price action in the company's shares. Today's price range of $8.06 and $8.06 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. Owners of Gannett Co Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Gannett Co., Inc. operates as a media and marketing company. The Company offers print and digital daily and non-daily publications. Gannett serves customers in the United States and the United Kingdom.

There is potential upside of 47.3% for shares of Gannett Co Inc based on a current price of $8.06 and an average consensus analyst price target of $11.88. The stock should run into initial resistance at its 50-day moving average (MA) of $9.20 and subsequent resistance at its 200-day MA of $10.00.

Over the past year, Gannett Co Inc has traded in a range of $7.41 to $11.99 and is now at $8.06, 9% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 2.1%.

SmarTrend recommended that its subscribers protect gains by selling shares of Gannett Co Inc on April 22nd, 2019 by issuing a Downtrend alert when the shares were trading at $9.67. Since that call, shares of Gannett Co Inc have fallen 16.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle gannett co inc

Ticker(s): GCI