GPS closes below its opening price unable to hold early session gains
Gap (The) (GPS) Technical Analysis Report for May 17, 2018
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.
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.
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.
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.
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.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.