GGP fails to close above 100-day moving average


General Growth Properties Inc. (GGP) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
GGP closes below its opening price unable to hold early session gains
GGP fails to close above 100-day moving average
GGP closes lower for the 2nd day in a row
GGP ends the day on a bearish note closing near the low of the day
GGP runs into sellers again around 20.91
TQ Sentiment
Report Sentiment: 55% Bearish
Technical Forecast:
Overview

Moving lower for the 2nd day in a row, GGP finished Thursday at 20.73 edging lower $0.01 (-0.05%) on high volume. Trading $0.13 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for GGP
Volatility

Thursday's trading range was $0.21 (1.01%), that's slightly below last trading month's daily average range of $0.23. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.

Support/Resistance

Prices are trading close to the key resistance level at 20.75. After having been unable to move above 20.94 in the previous session, the market ran into sellers again around the same price level today, failing to move higher than 20.91. After spiking up to 20.91 during the day, General Growth found resistance at the 100-day moving average at 20.83.

Trend

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

Order Flow

Selling might speed up should prices move below the close-by swing low at 20.59 where further sell stops could get triggered.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a neutral sentiment for the next trading day.

Market Conditions for General Growth Properties Inc.
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
White Candle TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Bullish Bounce off SMA 20 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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