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Possible Bearish Inside Day Candle Pattern Detected for Gartner Inc (NYSE:IT)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Gartner Inc (NYSE:IT) based on the price action in the company's shares. Yesterday's price range of $118.13 and $119.49 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. Owners of Gartner Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 15.4% for shares of Gartner Inc based on a current price of $118.81 and an average consensus analyst price target of $137.11. Gartner Inc shares should encounter resistance at the 200-day moving average (MA) of $139.67 and support at the 50-day MA of $110.09.

In the past 52 weeks, Gartner Inc share prices have been bracketed by a low of $76.91 and a high of $171.77 and closed yesterday at $118.81, 54% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has declined 2.5%.

Gartner, Inc. provides research and analysis on the computer hardware, software, communications, and related information technology industries. The Company's business segments includes research, consulting, measurement, events, and executive programs.

SmarTrend is tracking the current trend status for Gartner Inc and will alert subscribers who have IT in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle gartner inc

Ticker(s): IT