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Possible Bearish Inside Day Candle Pattern Detected for Gray Television (NYSE:GTN)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Gray Television (NYSE:GTN) based on the price action in the company's shares. Today's price range of $16.91 and $17.02 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 Gray Television may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Gray Television, Inc. operates television stations. The Company operates in the southern, midwestern, and southwestern United States.

Gray Television share prices have moved between a 52-week high of $25.31 and a 52-week low of $13.60 and are now trading 24% above that low price at $16.93 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has declined 0.6%.

Gray Television (NYSE:GTN) has potential upside of 5.6% based on a current price of $16.93 and analysts' consensus price target of $17.88. Gray Television shares should encounter resistance at the 200-day moving average (MA) of $18.23 and support at the 50-day MA of $16.42.

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

Keywords: bearish inside day candle gray television

Ticker(s): GTN