GT unable to break through key resistance level


Goodyear Tire & Rubber (GT) Technical Analysis Report for Aug 10, 2018 [< 1 min read]
Highlights
GT dominated by bears dragging the market lower throughout the day
GT unable to break through key resistance level
GT breaks below previous session low
GT falls to lowest close since August 2nd
TQ Sentiment
Report Sentiment: 60% Bearish
Technical Forecast:
Overview

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 chart for GT
Volatility

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.

Support/Resistance

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.

Trend

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.

Conclusion

Even though both sentiments are bearish for the next trading day, the classical technical analysis metrics are only slightly bearish while our quantitative statistics show a bearish sentiment.

Market Conditions for Goodyear Tire & Rubber
Condition Forecast Direction Win Avg Worst Best Events
Closed below last periods low TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
Takuri Line TQ Pro Members Only
Bearish Break through SMA 20 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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