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Possible Bullish Inside Day Candle Pattern Detected for Global Payments (NYSE:GPN)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Global Payments (NYSE:GPN) based on the price action in the company's shares. Yesterday's price range of $110.62 and $114.69 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 Global Payments 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, Global Payments share prices have been bracketed by a low of $95.32 and a high of $129.25 and closed yesterday at $114.14, 20% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.2% while the 200-day MA has risen 0.2%.

Global Payments has overhead space with shares priced $114.14, or 7.8% below the average consensus analyst price target of $123.78. The stock should find initial resistance at its 200-day moving average (MA) of $115.37 and further resistance at its 50-day MA of $122.25.

Global Payments Inc. provides electronic transaction processing, information systems, and services. The Company serves the financial, corporate, government, and merchant communities on a worldwide basis. Global Payments provides funds transfer, merchant services, merchant accounting, Internet services, and other services.

SmarTrend recommended that its subscribers protect gains by selling shares of Global Payments on October 5th, 2018 by issuing a Downtrend alert when the shares were trading at $121.06. Since that call, shares of Global Payments have fallen 8.8%. 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 global payments

Ticker(s): GPN