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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. Yesterday's price range of $16.88 and $17.37 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 Gray Television may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Gray Television share prices have been bracketed by a low of $13.60 and a high of $25.31 and closed yesterday at $17.19, 26% above that low price. 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 has overhead space with shares priced $17.19, or 3.8% below the average consensus analyst price target of $17.88. The stock should hit resistance at its 200-day moving average (MA) of $18.23, as well as support at its 50-day MA of $16.42.

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

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 am inside day candle gray television

Ticker(s): GTN