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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Gap Inc/The (NYSE:GPS) based on the price action in the company's shares. Yesterday's price range of $22.49 and $22.90 is within the prior day'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/The may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Gap Inc/The has traded in a range of $19.33 to $30.74 and closed yesterday at $22.57, 17% above that low. The 200-day and 50-day moving averages have moved 1.06% lower and 1.29% lower over the past week, respectively.

Gap Inc/The (NYSE:GPS) has potential upside of 11.0% based on a current price of $22.57 and analysts' consensus price target of $25.04. Gap Inc/The shares should first meet resistance at the 50-day moving average (MA) of $26.88 and find additional resistance at the 200-day MA of $27.98.

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.

SmarTrend is tracking the current trend status for Gap Inc/The and will alert subscribers who have GPS in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle gap inc/the

Ticker(s): GPS