GPI closes above its opening price after recovering from early selling pressure


Group 1 Automotive Inc. (GPI) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

GPI closes above its opening price after recovering from early selling pressure
GPI closes higher for the 3rd day in a row
GPI closes within previous day's range

Overview

Moving higher for the 3rd day in a row, GPI finished Thursday at 51.28 gaining $1.64 (3.3%), significantly underperforming the S&P 500 (6.24%). Trading up to $1.74 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on February 14th, GPI gained 2.68% on the following trading day. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.

Daily Candlestick Chart (GPI as at Mar 26, 2020):

Daily technical analysis candlestick chart for Group 1 Automotive Inc. (GPI) as at Mar 26, 2020

Thursday's trading range has been $4.99 (10.04%), that's slightly below the last trading month's daily average range of $5.82. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for GPI.

One bullish candlestick pattern matches today's price action, the Bullish Spinning Top.

Prices are trading close to the key technical support level at 47.58 (S1).

Although the stock is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.

Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Group 1. Out of 164 times, GPI closed higher 56.10% 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 51.83% with an average market move of 0.23%.


Market Conditions for GPI as at Mar 26, 2020

Loading Market Conditions for GPI (Group 1 Automotive Inc.)...
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