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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. Today's price range of $3.99 and $4.02 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. 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.

Gogo Inc has overhead space with shares priced $3.99, or 42.0% below the average consensus analyst price target of $6.88. The stock should run into initial resistance at its 50-day moving average (MA) of $4.24 and subsequent resistance at its 200-day MA of $4.46.

Over the past year, Gogo Inc has traded in a range of $2.64 to $7.82 and is now at $3.99, 51% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has declined 0.9%.

SmarTrend is monitoring the recent change of momentum in Gogo Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Gogo Inc in search of a potential trend change.

Keywords: bearish inside day candle gogo inc

Ticker(s): GOGO