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Possible Bearish Inside Day Candle Pattern Detected for Gogo Inc (NASDAQ:GOGO)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Gogo Inc (NASDAQ:GOGO) based on the price action in the company's shares. Yesterday's price range of $4.99 and $4.99 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 Gogo Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 37.8% for shares of Gogo Inc based on a current price of $4.99 and an average consensus analyst price target of $6.88. Gogo Inc shares have support at the 200-day moving average (MA) of $4.59 and additional support at the 50-day MA of $4.15.

In the past 52 weeks, shares of Gogo Inc have traded between a low of $2.64 and a high of $9.74 and closed yesterday at $4.99, which is 89% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 2.6%.

Gogo Inc. provides in-flight connectivity systems and services. The Company offers online aircraft systems, wireless digital entertainment and other services in the commercial and business aviation markets.

SmarTrend recommended that subscribers consider buying shares of Gogo Inc on January 9th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $3.73. Since that recommendation, shares of Gogo Inc have risen 35.6%. We continue to monitor GOGO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle gogo inc

Ticker(s): GOGO