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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Global Payments (NYSE:GPN) based on the price action in the company's shares. Today's price range of $141.49 and $143.55 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. Owners of Global Payments may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

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.

In the past 52 weeks, Global Payments share prices have been bracketed by a low of $105.54 and a high of $209.62 and are now at $141.70, 34% above that low price. The 200-day and 50-day moving averages have moved 0.21% lower and 2.06% lower over the past week, respectively.

Based on a current price of $141.70, Global Payments is currently 12.6% above its average consensus analyst price target of $123.78. The stock should find initial resistance at its 200-day moving average (MA) of $171.16 and further resistance at its 50-day MA of $174.30.

SmarTrend is monitoring the recent change of momentum in Global Payments. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Global Payments in search of a potential trend change.

Keywords: bearish inside day candle global payments

Ticker(s): GPN