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Possible Bullish Inside Day Candle Pattern Detected for BGC Partners (NASDAQ:BGCP)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in BGC Partners (NASDAQ:BGCP) based on the price action in the company's shares. Yesterday's price range of $8.81 and $8.90 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. Traders and investors interested in shares of BGC Partners may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, BGC Partners has traded in a range of $7.80 to $10.08 and closed yesterday at $8.83, 13% above that low. The 200-day and 50-day moving averages have moved 0.02% lower and 0.20% higher over the past week, respectively.

There is potential upside of 50.1% for shares of BGC Partners based on a current price of $8.83 and an average consensus analyst price target of $13.25. The stock should run into initial resistance at its 200-day moving average (MA) of $9.00 and subsequent resistance at its 50-day MA of $9.08.

BGC Partners, Inc. is a full-service, inter-dealer broker specializing in the trading of over-the-counter (OTC) financial instruments and related derivative products. The Company is active in the global fixed income, rates, foreign exchange, equity derivatives, credit derivatives, futures and structured product markets.

SmarTrend is tracking the current trend status for BGC Partners and will alert subscribers who have BGCP in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle bgc partners

Ticker(s): BGCP