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Possible Bearish Inside Day Candle Pattern Detected for Gaslog Ltd (NYSE:GLOG)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Gaslog Ltd (NYSE:GLOG) based on the price action in the company's shares. Yesterday's price range of $3.32 and $3.57 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 Gaslog Ltd may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

GasLog Ltd. operates as an international owner, operator, and manager of liquefied natural gas (""LNG"") carriers. The Company provides support to international energy companies as part of their LNG logistics chain.

In the past 52 weeks, shares of Gaslog Ltd have traded between a low of $2.67 and a high of $17.80 and closed yesterday at $3.39, which is 27% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 6.2% while the 200-day MA has slid 1.5%.

There is potential upside of 541.5% for shares of Gaslog Ltd based on a current price of $3.39 and an average consensus analyst price target of $21.75. The stock should run into initial resistance at its 50-day moving average (MA) of $5.41 and subsequent resistance at its 200-day MA of $10.54.

SmarTrend recommended that its subscribers protect gains by selling shares of Gaslog Ltd on November 6th, 2019 by issuing a Downtrend alert when the shares were trading at $13.13. Since that call, shares of Gaslog Ltd have fallen 72.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle gaslog ltd

Ticker(s): GLOG