GPS closes below its opening price unable to hold early session gains


Gap (The) (GPS) Technical Analysis Report for May 17, 2018 [< 1 min read]
Highlights
GPS closes below its opening price unable to hold early session gains
GPS closes within previous day's range after lackluster session
GPS ends the day indecisive
TQ Sentiment
Report Sentiment: 20% Bearish
Technical Forecast:
Overview

GPS ended Thursday at 31.39 losing $0.18 (-0.57%) on low volume. Trading $0.25 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move past the previous 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 chart for GPS
Volatility

Thursday's trading range was $0.51 (1.62%), that's far below last trading month's daily average range of $0.90. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being slightly above average.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.

Trend

While the market is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Buying could accelerate should prices move above the nearby swing high at 31.98 where further buy stops might get triggered. Further buying could move prices higher should the market test April's close-by high at 32.23.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for Gap (The)
ConditionForecastDirectionWinAvgWorstBestEvents
Close near low of period TQ Pro Members Only
Bearish Intraday Reversal TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Down Close Near Low of Period TQ Pro Members Only
More market conditions identified for TQ Pro members...
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