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

By Shiri Gupta

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. Today's price range of $89.65 and $90.31 is within yesterday'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.

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.

Global Payments share prices have moved between a 52-week high of $93.52 and a 52-week low of $50.13 and are now trading 80% above that low price at $90.09 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.5% while the 200-day MA has risen 0.6%.

Based on a current price of $90.09, Global Payments is currently 3.4% above its average consensus analyst price target of $87.04. The stock should discover initial support at its 50-day moving average (MA) of $66.72 and subsequent support at its 200-day MA of $62.80.

SmarTrend recommended that subscribers consider buying shares of Global Payments on December 9th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $71.85. Since that recommendation, shares of Global Payments have risen 25.7%. We continue to monitor GPN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle global payments

Ticker(s): GPN