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Possible Bullish Inside Day Candle Pattern Detected for Gap Inc (NYSE:GPS)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Gap Inc (NYSE:GPS) based on the price action in the company's shares. Today's price range of $24.13 and $24.56 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Gap Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

The Gap, Inc., is an international specialty retailer operating retail and outlet stores. The Company sells casual apparel, accessories and personal care products for men, women, and children. The Gap operates stores in the United States, Canada, the United Kingdom, France, Ireland, and Japan.

In the past 52 weeks, shares of Gap Inc have traded between a low of $17.00 and a high of $40.64 and are now at $24.33, which is 43% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.3% while the 200-day MA has slid 1.1%.

There is potential upside of 13.5% for shares of Gap Inc based on a current price of $24.33 and an average consensus analyst price target of $27.60. The stock should run into initial resistance at its 50-day moving average (MA) of $26.88 and subsequent resistance at its 200-day MA of $27.98.

SmarTrend recommended that subscribers consider buying shares of Gap Inc on June 20th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $20.69. Since that recommendation, shares of Gap Inc have risen 16.0%. We continue to monitor GPS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle gap inc

Ticker(s): GPS