GT fails to close above 20-day moving average
The Goodyear Tire & Rubber Company (GT) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
GT finished Thursday at 25.10 gaining $0.04 (0.16%) on low volume. Trading $0.10 higher after the open, Goodyear Tire 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 (GT as at Jun 14, 2018):
Thursday's trading range was $0.21 (0.84%), that's far below last trading month's daily average range of $0.47. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.
Prices are trading close to a key support level at 24.96. After having been unable to move lower than 24.95 in the prior session, the stock found buyers again around the same price level today at 25.01. After spiking up to 25.22 during the day, the share found resistance at the 20-day moving average at 25.17.
While the market is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.
Selling might accelerate should prices move below the close-by swing low at 24.88 where further sell stops could get triggered. As prices are trading close to June's low at 24.40, downside momentum might speed up should GT mark new lows for the month.