GD breaks back below 50-day moving average

General Dynamics Corporation (GD) Technical Analysis Report for Jul 30, 2020 | by Techniquant Editorial Team


GD breaks back below 50-day moving average
GD runs into sellers again around 149.68
GD closes within previous day's range


GD finished Thursday at 148.86 losing $0.58 (-0.39%), slightly underperforming the S&P 500 (-0.38%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.

Daily Candlestick Chart (GD as at Jul 30, 2020):

Daily technical analysis candlestick chart for General Dynamics Corporation (GD) as at Jul 30, 2020

Thursday's trading range has been $2.88 (1.96%), that's slightly below the last trading month's daily average range of $3.45. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for GD.

One bullish candlestick pattern matches today's price action, the White Candle.

General Dynamics closed back below the 50-day moving average at 149.45. After having been unable to move above 149.65 in the previous session, the share ran into sellers again around the same price level today, failing to move higher than 149.68. The last time this happened on July 24th, GD lost -1.45% on the following trading day.

Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Buying could speed up should prices move above the nearby swing high at 150.65 where further buy stops might get activated.

Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Break through SMA 50" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for General Dynamics. Out of 113 times, GD closed higher 57.52% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 64.60% with an average market move of 1.39%.

Market Conditions for GD as at Jul 30, 2020

Loading Market Conditions for GD (General Dynamics Corporation)...
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