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Possible Bearish Inside Day Candle Pattern Detected for Gulfport Energy (NASDAQ:GPOR)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Gulfport Energy (NASDAQ:GPOR) based on the price action in the company's shares. Today's price range of $6.89 and $6.90 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 Gulfport Energy may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Gulfport Energy Corporation owns and operates oil and gas properties in the Louisiana Gulf Coast area of the United States.

In the past 52 weeks, shares of Gulfport Energy have traded between a low of $6.18 and a high of $13.41 and are now at $6.89, which is 11% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has declined 1.1%.

Potential upside of 110.7% exists for Gulfport Energy, based on a current level of $6.89 and analysts' average consensus price target of $14.52. The stock should find initial resistance at its 50-day moving average (MA) of $7.51 and further resistance at its 200-day MA of $9.11.

SmarTrend recommended that its subscribers protect gains by selling shares of Gulfport Energy on February 6th, 2019 by issuing a Downtrend alert when the shares were trading at $7.87. Since that call, shares of Gulfport Energy have fallen 10.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle gulfport energy

Ticker(s): GPOR