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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Gap Inc/The (NYSE:GPS) based on the price action in the company's shares. Today's price range of $16.22 and $16.42 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. Owners of Gap Inc/The may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Gap Inc/The share prices have moved between a 52-week high of $32.98 and a 52-week low of $15.22 and are now trading 7% above that low price at $16.25 per share. Over the past week, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has declined 0.7%.

The Gap, Inc. operates as an apparel retail company worldwide. The company offers apparel, accessories, and personal care products for men, women, and children under the Old Navy, Gap, Banana Republic, Athleta, and Intermix brands.

Gap Inc/The (NYSE:GPS) has potential upside of 111.1% based on a current price of $16.25 and analysts' consensus price target of $34.31. Gap Inc/The shares should first meet resistance at the 50-day moving average (MA) of $18.13 and find additional resistance at the 200-day MA of $23.48.

SmarTrend recommended that its subscribers protect gains by selling shares of Gap Inc/The on May 13th, 2019 by issuing a Downtrend alert when the shares were trading at $23.30. Since that call, shares of Gap Inc/The have fallen 28.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle gap inc/the

Ticker(s): GPS