GGP fails to close above 100-day moving average
General Growth Properties Inc. (GGP) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (GGP as at Jun 14, 2018):
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.
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.
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.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Selling might speed up should prices move below the close-by swing low at 20.59 where further sell stops could get triggered.
We are currently reviewing the data for GGP
We expect this issue to be resolved within 24 hours.