GPS finds buyers again around 30.98


Gap (The) (GPS) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
GPS pushes through 200-day moving average
GPS closes higher for the 7th day in a row
GPS finds buyers again around 30.98
GPS rises to highest close since July 5th
GPS closes within previous day's range
TQ Sentiment
Report Sentiment: 50% Bullish
Technical Forecast:
Overview

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.

Daily chart for GPS
Volatility

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.

Price Action

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.

Support/Resistance

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.

Trend

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.

Order Flow

Further buying could move prices higher should the market test July's nearby high at 32.46.

Conclusion

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)
Condition Forecast Direction Win Avg Worst Best Events
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
More market conditions identified for TQ Pro members...
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