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Possible Bearish Inside Day Candle Pattern Detected for Moneygram Intern (NYSE:MGI)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Moneygram Intern (NYSE:MGI) based on the price action in the company's shares. Today's price range of $12.30 and $12.52 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 Moneygram Intern 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 22.6% for shares of Moneygram Intern based on a current price of $12.51 and an average consensus analyst price target of $15.33. Moneygram Intern shares have support at the 200-day moving average (MA) of $7.49 and additional support at the 50-day MA of $5.99.

Over the past year, Moneygram Intern has traded in a range of $5.83 to $17.92 and is now at $12.51, 115% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.0% while the 200-day MA has slid 0.7%.

MoneyGram International, Inc. provides payment services to consumers and businesses through a network of agents and its financial institution customers. The Company enables consumers to make payments and to transfer money around the world.

SmarTrend recommended that its subscribers protect gains by selling shares of Moneygram Intern on November 2nd, 2017 by issuing a Downtrend alert when the shares were trading at $15.43. Since that call, shares of Moneygram Intern have fallen 21.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle moneygram intern

Ticker(s): MGI