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

By Nick Russo

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 $174.25 and $178.42 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.

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 share prices have moved between a 52-week high of $209.62 and a 52-week low of $105.54 and closed yesterday at 66% above that low price at $174.76 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 1.4%.

Global Payments (NYSE:GPN) defies analysts with a current price ($174.76) 29.2% above its average consensus price target of $123.78. The stock should discover initial support at its 200-day moving average (MA) of $170.33 and subsequent support at its 50-day MA of $155.02.

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