GPS unable to break through key resistance level
Gap (The) (GPS) Technical Analysis Report for Apr 16, 2018 | by Techniquant Editorial Team
GPS finished Monday at 30.16 edging higher $0.11 (0.37%) on low volume. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (GPS as at Apr 16, 2018):
Monday's trading range was $0.60 (1.98%), that's below last trading month's daily average range of $0.84. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average.
Unable to break through the key technical resistance level at 30.29, Gap (The) closed below it after spiking as high as 30.44 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward.
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Buying could accelerate should prices move above the close-by swing high at 30.93 where further buy stops might get activated. With prices trading close to this year's low at 29.04, downside momentum could speed up should the stock break out to new lows for the year.