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

By Amy Schwartz

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. Today's price range of $4.75 and $4.75 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 Gogo Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Gogo Inc has overhead space with shares priced $4.75, or 30.9% below the average consensus analyst price target of $6.88. The stock should discover initial support at its 200-day moving average (MA) of $4.53 and subsequent support at its 50-day MA of $4.40.

Over the past year, Gogo Inc has traded in a range of $2.64 to $9.74 and is now at $4.75, 80% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.2%.

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 is tracking the current trend status for Gogo Inc and will alert subscribers who have GOGO in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle gogo inc

Ticker(s): GOGO