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

By James Quinn

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. Yesterday's price range of $70.60 and $72.92 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 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 8.9% based on a current price of $70.78 and analysts' consensus price target of $77.08. The stock should find initial support at its 200-day moving average (MA) of $70.71 and further support at its 50-day MA of $64.78.

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.

Godaddy Inc-A share prices have moved between a 52-week high of $82.30 and a 52-week low of $56.66 and closed yesterday at 25% above that low price at $70.78 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.5%.

SmarTrend is tracking the current trend status for Godaddy Inc-A and will alert subscribers who have GDDY in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle godaddy inc-a

Ticker(s): GDDY