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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. Yesterday's price range of $17.85 and $18.19 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. 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.

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.

Gap Inc/The (NYSE:GPS) has potential upside of 89.4% based on a current price of $18.11 and analysts' consensus price target of $34.31. The stock should hit resistance at its 200-day moving average (MA) of $19.19, as well as support at its 50-day MA of $17.11.

Gap Inc/The share prices have moved between a 52-week high of $31.39 and a 52-week low of $15.11 and closed yesterday at 20% above that low price at $18.11 per share. The 200-day and 50-day moving averages have moved 0.55% lower and 0.17% higher over the past week, respectively.

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: bearish am inside day candle gap inc/the

Ticker(s): GPS