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

By Shiri Gupta

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 $31.00 and $31.70 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.

In the past 52 weeks, shares of Gtt Communicatio have traded between a low of $16.40 and a high of $34.20 and closed yesterday at $31.60, which is 93% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has advanced 0.5%.

There is potential upside of 18.9% for shares of Gtt Communicatio based on a current price of $31.60 and an average consensus analyst price target of $37.57. The stock should find initial support at its 200-day moving average (MA) of $18.82 and further support at its 50-day MA of $15.94.

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.

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

Keywords: bearish am inside day candle gtt communicatio

Ticker(s): GTT