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

By Amy Schwartz

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 $197.16 and $198.30 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 (NYSE:GPN) defies analysts with a current price ($199.79) 38.0% above its average consensus price target of $123.78. The stock should find initial support at its 50-day moving average (MA) of $181.76 and further support at its 200-day MA of $163.71.

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.

In the past 52 weeks, shares of Global Payments have traded between a low of $109.52 and a high of $199.34 and closed yesterday at $199.79, which is 82% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.7%.

SmarTrend recommended that subscribers consider buying shares of Global Payments on October 11th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $164.20. Since that recommendation, shares of Global Payments have risen 21.0%. We continue to monitor GPN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle global payments

Ticker(s): GPN