GGP unable to break through key resistance level
General Growth Properties Inc. (GGP) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
GGP ended the week -0.46% lower at 21.42 after losing $0.10 (-0.46%) today. Today's closing price of 21.42 marks the lowest close since August 2nd. Trading $0.05 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price.
Daily Candlestick Chart (GGP as at Aug 10, 2018):
Friday's trading range was $0.15 (0.7%), that's far below last trading month's daily average range of $0.30. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average.
Unable to break through the key technical resistance level at 21.53, General Growth closed below it after spiking as high as 21.54 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After having been unable to move above 21.55 in the prior session, the share ran into sellers again around the same price level today, failing to move higher than 21.54. After spiking up to 21.54 during the day, the market found resistance at the 200-day moving average at 21.50.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. GGP broke below the 200-day moving average at 21.50 today for the first time since February 13th.
Buying could accelerate should prices move above the close-by swing high at 21.66 where further buy stops might get activated.
We are currently reviewing the data for GGP
We expect this issue to be resolved within 24 hours.