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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. Yesterday's price range of $150.33 and $152.52 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 Global Payments may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

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 closed yesterday at $148.21, 40% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 1.9%.

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 (NYSE:GPN) is currently priced 16.5% above its average consensus analyst price target of $123.78. The stock should find initial resistance at its 50-day moving average (MA) of $165.93 and further resistance at its 200-day MA of $170.63.

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

Keywords: bearish am inside day candle global payments

Ticker(s): GPN