GT unable to break through key resistance level
Goodyear Tire & Rubber (GT) Technical Analysis Report for Aug 10, 2018
GT finished the week -1.42% lower at 24.28 after losing $0.49 (-1.98%) today. Today's closing price of 24.28 marks the lowest close since August 2nd. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 24.58, the share confirms its breakout through the prior session's low having traded $0.46 below it intraday.
Daily Candlestick Chart (GT as at Aug 10, 2018):
Friday's trading range was $0.62 (2.51%), that's slightly below last trading month's daily average range of $0.79. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average.
Prices are trading close to a key support level at 24.08. Unable to break through the key technical resistance level at 24.71, the market closed below it after spiking as high as 24.74 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward.
While the stock 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.