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

Gap Inc. (GPS) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team


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


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 Candlestick Chart (GPS as at May 17, 2018):

Daily technical analysis candlestick chart for Gap Inc. (GPS) as at May 17, 2018

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.

Market Conditions for GPS as at May 17, 2018

Loading Market Conditions for GPS (Gap Inc.)...
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