GPS finds buyers again around 30.98
Moving higher for the 7th day in a row, GPS finished the week 3.23% higher at 31.33 after gaining $0.15 (0.48%) today. Today's closing price of 31.33 marks the highest close since July 5th. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Friday's trading range was $0.68 (2.19%), that's slightly below last trading month's daily average range of $0.76. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar.
Prices are trading close to a key support level at 30.83. Prices are trading close to the key resistance level at 31.73. After having been unable to move lower than 31.00 in the prior session, the market found buyers again around the same price level today at 30.98.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already. The share managed to break above the 200-day moving average at 31.25 today for the first time since June 5th.
Further buying could move prices higher should the market test July's nearby high at 32.46.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
Market Conditions for Gap (The)
|Close to R1 Resistance||TQ Pro Members Only|
|2 Consecutive Lower Closes||TQ Pro Members Only|
|Bullish Bounce off SMA 100||TQ Pro Members Only|
|Bullish Bounce off SMA 20||TQ Pro Members Only|
|Price broke through Technical Support S1||TQ Pro Members Only|
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