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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 $5.20 and $5.21 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 $5.21, or 24.2% below the average consensus analyst price target of $6.88. The stock should find initial support at its 50-day moving average (MA) of $4.73 and further support at its 200-day MA of $4.58.

In the past 52 weeks, Gogo Inc share prices have been bracketed by a low of $2.64 and a high of $8.39 and are now at $5.21, 97% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 1.4%.

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 40.7%. We continue to monitor GOGO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle gogo inc

Ticker(s): GOGO