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Possible Bearish Inside Day Candle Pattern Detected for Gtt Communicatio (NYSE:GTT)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Gtt Communicatio (NYSE:GTT) based on the price action in the company's shares. Yesterday's price range of $30.67 and $31.12 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 Gtt Communicatio may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 93.2% for shares of Gtt Communicatio based on a current price of $31.05 and an average consensus analyst price target of $60.00. The stock should hit resistance at its 200-day moving average (MA) of $38.32, as well as support at its 50-day MA of $26.75.

GTT Communications, Inc. offers telecommunications services. The Company does not own the infrastructure over which services are provided. GTT Communications designs and integrates data transfer and connectivity solutions and offers access to the networks and technologies of its vendor partners.

In the past 52 weeks, Gtt Communicatio share prices have been bracketed by a low of $21.68 and a high of $62.32 and closed yesterday at $31.05, 43% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has slid 0.7%.

SmarTrend recommended that subscribers consider buying shares of Gtt Communicatio on January 8th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $27.33. Since that recommendation, shares of Gtt Communicatio have risen 14.5%. We continue to monitor GTT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle gtt communicatio

Ticker(s): GTT