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

By James Quinn

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 $6.96 and $7.13 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.

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.

Ferroglobe Plc share prices have moved between a 52-week high of $17.61 and a 52-week low of $6.95 and closed yesterday at 1% above that low price at $7.05 per share. Over the past week, the 200-day moving average (MA) has gone down 1% while the 50-day MA has declined 2.2%.

There is potential upside of 174.2% for shares of Ferroglobe Plc based on a current price of $7.05 and an average consensus analyst price target of $19.33. Ferroglobe Plc shares should first meet resistance at the 50-day moving average (MA) of $8.49 and find additional resistance at the 200-day MA of $12.74.

SmarTrend recommended that its subscribers protect gains by selling shares of Ferroglobe Plc on June 15th, 2018 by issuing a Downtrend alert when the shares were trading at $9.20. Since that call, shares of Ferroglobe Plc have fallen 24.4%. 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