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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 $2.06 and $2.21 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.

In the past 52 weeks, shares of Ferroglobe Plc have traded between a low of $1.47 and a high of $17.40 and closed yesterday at $2.16, which is 47% above that low price. The 200-day and 50-day moving averages have moved 3.32% lower and 0.50% higher over the past week, respectively.

Potential upside of 795.1% exists for Ferroglobe Plc, based on a current level of $2.16 and analysts' average consensus price target of $19.33. The stock should hit resistance at its 200-day moving average (MA) of $6.54, as well as support at its 50-day MA of $2.06.

SmarTrend recommended that subscribers consider buying shares of Ferroglobe Plc on January 9th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $2.09. Since that recommendation, shares of Ferroglobe Plc have risen 3.3%. We continue to monitor GSM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle ferroglobe plc

Ticker(s): GSM