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Possible Bullish Inside Day Candle Pattern Detected for Ferroglobe Plc (NASDAQ:GSM)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Ferroglobe Plc (NASDAQ:GSM) based on the price action in the company's shares. Yesterday's price range of $1.21 and $1.25 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 Ferroglobe Plc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Ferroglobe Plc have traded between a low of $1.16 and a high of $8.64 and closed yesterday at $1.25, which is 8% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.6% while the 200-day MA has slid 4.9%.

Ferroglobe PLC produces metal products. The Company offers silicon-based metal alloys, electrodes, ferrosilicon, and manganese alloys, as well as provides hydroelectric energy. Ferroglobe serves customers worldwide.

Potential upside of 1,446.7% exists for Ferroglobe Plc, based on a current level of $1.25 and analysts' average consensus price target of $19.33. The stock should find initial resistance at its 50-day moving average (MA) of $1.56 and further resistance at its 200-day MA of $2.34.

SmarTrend recommended that its subscribers protect gains by selling shares of Ferroglobe Plc on May 16th, 2019 by issuing a Downtrend alert when the shares were trading at $1.88. Since that call, shares of Ferroglobe Plc have fallen 33.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle ferroglobe plc

Ticker(s): GSM