GPOR runs into sellers again around 1.60
Gulfport Energy Corporation (GPOR) Technical Analysis Report for Jun 01, 2020 | by Techniquant Editorial Team
GPOR finished Monday at 1.53 edging higher $0.02 (1.32%), outperforming 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 in a lackluster session.
Daily Candlestick Chart (GPOR as at Jun 01, 2020):
Monday's trading range has been $0.21 (14.48%), that's below the last trading month's daily average range of $0.27. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for GPOR.
After having been unable to move above 1.60 in the previous session, Gulfport Energy ran into sellers again around the same price level today, missing to move higher than 1.60. The last time this happened on May 21st, GPOR actually gained 6.25% on the following trading day.
The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Selling could accelerate should prices move below the nearby swing low at 1.36 where further sell stops might get triggered. Further selling could move prices lower should the market test May's close-by low at 1.24.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to prior High" stand out. Its common bearish interpretation has been confirmed for Gulfport Energy. Out of 538 times, GPOR closed lower 53.72% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 53.90% with an average market move of -0.86%.