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Possible Bullish Inside Day Candle Pattern Detected for Globe Specialty Metals (NASDAQ:GSM)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Globe Specialty Metals (NASDAQ:GSM) based on the price action in the company's shares. Today's price range of $8.51 and $8.77 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 Globe Specialty Metals may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 148.5% for shares of Globe Specialty Metals based on a current price of $8.60 and an average consensus analyst price target of $21.38. The stock should find initial resistance at its 50-day moving average (MA) of $9.29 and further resistance at its 200-day MA of $11.02.

Globe Specialty Metals share prices have moved between a 52-week high of $21.99 and a 52-week low of $6.90 and are now trading 25% above that low price at $8.60 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.3% while the 200-day MA has slid 1.2%.

Globe Specialty Metals Inc. produces silicon metal and silicon-based alloys. The Company's products are used for the manufacture of a wide range of industrial products, including silicone compounds, aluminium, ductile iron, automotive parts, steel, photovoltaic solar cells and electronic semiconductors.

SmarTrend is tracking the current trend status for Globe Specialty Metals and will alert subscribers who have GSM in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle globe specialty metals

Ticker(s): GSM