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Possible Bearish Inside Day Candle Pattern Detected for Godaddy Inc-A (NYSE:GDDY)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Godaddy Inc-A (NYSE:GDDY) based on the price action in the company's shares. Today's price range of $63.58 and $64.03 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 Godaddy Inc-A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Godaddy Inc-A (NYSE:GDDY) has potential upside of 20.5% based on a current price of $63.96 and analysts' consensus price target of $77.08. The stock should find initial resistance at its 50-day moving average (MA) of $70.38 and further resistance at its 200-day MA of $70.64.

In the past 52 weeks, shares of Godaddy Inc-A have traded between a low of $56.66 and a high of $84.97 and are now at $63.96, which is 13% above that low price. The 200-day and 50-day moving averages have moved 0.17% lower and 0.77% lower over the past week, respectively.

GoDaddy Inc. designs and develops cloud-based technology products for small businesses, Web design professionals, and individuals in the United States and internationally. The company provides domain name registration product that enables to engage customers at the initial stage of establishing a digital identity; and hosting products, including shared Website hosting, Website hosting on virtual private servers and virtual dedicated servers, managed hosting, and security.

SmarTrend recommended that its subscribers protect gains by selling shares of Godaddy Inc-A on August 2nd, 2019 by issuing a Downtrend alert when the shares were trading at $69.76. Since that call, shares of Godaddy Inc-A have fallen 8.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle godaddy inc-a

Ticker(s): GDDY