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Possible Bearish Inside Day Candle Pattern Detected for Golden Entertain (NASDAQ:GDEN)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Golden Entertain (NASDAQ:GDEN) based on the price action in the company's shares. Yesterday's price range of $8.06 and $8.66 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 Golden Entertain may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Golden Entertainment, Inc. operates as a gaming company. The Company offers casino, distribute gaming, and lottery services. Golden Entertainment serves customers in the United States.

Potential upside of 352.4% exists for Golden Entertain, based on a current level of $8.29 and analysts' average consensus price target of $37.50. The stock should hit resistance at its 200-day moving average (MA) of $14.18, as well as support at its 50-day MA of $7.89.

Over the past year, Golden Entertain has traded in a range of $3.55 to $21.67 and closed yesterday at $8.29, 134% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has declined 6.1%.

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

Keywords: bearish am inside day candle golden entertain

Ticker(s): GDEN