GD dominated by bears dragging the market lower throughout the day


General Dynamics (GD) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
GD tanks -2.0% on high volume
GD breaks key support level
GD dominated by bears dragging the market lower throughout the day
GD ends the day on a bearish note closing near the low of the day
GD runs into sellers again around 201.00
TQ Sentiment
Report Sentiment: 75% Bearish
Technical Forecast:
Overview

GD finished Thursday at 195.82 tanking $4.00 (-2.0%) on high volume. This is the biggest single day loss in over two weeks. Today's closing price of 195.82 marks the lowest close since May 4th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Wednesday's low at 198.08, the market confirms its breakout through the prior session's low having traded $2.57 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for GD
Volatility

Thursday's trading range was $5.49 (2.73%), that's far above last trading month's daily average range of $3.09. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being below average.

Support/Resistance

Prices are trading close to a key support level at 194.47. Breaking below the key support level at 199.05 today, it is now likely to act as resistance going forward. After having been unable to move above 201.27 in the previous session, the stock ran into sellers again around the same price level today, failing to move higher than 201.00.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

With prices trading close to this year's low at 191.00, downside momentum could speed up should General Dynamics break out to new lows for the year.

Conclusion

While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for General Dynamics
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Close to Swing High TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Up Close near high of period TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

GD pushes through 50-day moving average

Aug 17, 2018
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