GD closes within previous day's range
General Dynamics Corporation (GD) Technical Analysis Report for Jul 23, 2020 | by Techniquant Editorial Team
GD finished Thursday at 151.01 losing $0.52 (-0.34%), but still outperforming the S&P 500 (-1.23%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (GD as at Jul 23, 2020):
Thursday's trading range has been $2.81 (1.85%), that's slightly below the last trading month's daily average range of $3.33. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for GD.
Unable to break through the key technical resistance level at 152.45 (R1), the market closed below it after spiking up to 152.92 earlier during the day. The failure to close above the resistance might increase that levels importance going forward. When prices bounced off a significant resistance level the last time on July 14th, GD actually gained 1.70% on the following trading day.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.