GT unable to break through key resistance level

The Goodyear Tire & Rubber Company (GT) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team


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


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):

Daily technical analysis candlestick chart for The Goodyear Tire & Rubber Company (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.

Market Conditions for GT as at Aug 10, 2018

Loading Market Conditions for GT (The Goodyear Tire & Rubber Company)...
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