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Possible Bearish Inside Day Candle Pattern Detected for Global Payments (NYSE:GPN)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Global Payments (NYSE:GPN) based on the price action in the company's shares. Yesterday's price range of $113.20 and $114.99 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. Owners of Global Payments may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Global Payments Inc. provides electronic transaction processing, information systems, and services. The Company serves the financial, corporate, government, and merchant communities on a worldwide basis. Global Payments provides funds transfer, merchant services, merchant accounting, Internet services, and other services.

Potential upside of 8.9% exists for Global Payments, based on a current level of $113.71 and analysts' average consensus price target of $123.78. The stock should find initial resistance at its 200-day moving average (MA) of $115.63 and further resistance at its 50-day MA of $120.60.

In the past 52 weeks, Global Payments share prices have been bracketed by a low of $95.32 and a high of $129.25 and closed yesterday at $113.71, 19% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.7%.

SmarTrend recommended that its subscribers protect gains by selling shares of Global Payments on October 5th, 2018 by issuing a Downtrend alert when the shares were trading at $121.06. Since that call, shares of Global Payments have fallen 5.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle global payments

Ticker(s): GPN