Today Gap released its Q4 earnings report today. Here's a brief from MarketWatch.com,Gap Inc., whose brands include the namesake chain of stores, Banana Republic and Old Navy, reported net income of $220.0 million, or 55 cents per share, up from $214.0 million, or 53 cents per share, last year. Adjusted EPS was 51 cents, beating the 50-cent FactSet consensus. Sales totaled $4.43 billion, up from $4.39 billion and ahead of the $4.41 billion FactSet consensus. Same-store sales were up 2%, with Old Navy reporting a 1% same-store sales increase, and Gap and Banana Republic reporting same-store sales declines of 3% and 7% respectively. The company sees fiscal 2017 EPS in the range of $1.95 to $2.05. Same-store sales are expected to be flat or up slightly.Note that the market has closed before Gap released its earnings report. Looking at the 4H chart below, we can see that price broke above a resistance around 25.00 but retreated ahead of the earnings report, closing just under 24.00.However, we are seeing some after-market buying after the positive earnings report.Gap (GPS) 4H Chart 2/24(click to enlarge)23.45 is Key:- Now, if price continued to slide, the 23.45 handle will be critical.- A break below 23.45, especially after a positive earnings report, would reveal weakness and expose GPS to the lows around 22.20, and possibly the 20.00 handle. - However, if price can hold above 23.50, it would confirm a bullish attempt that has already broken the 25.00 resistance. This opens up the next resistance in the 26.75-27.25 area as shown by the daily chart below.- Let's see how the market closes the week. Unless price closes below 23.45, I think Gap (GPS) has upside towards that 26.75-27.25 area. Earlier in the week, we noted that this bullish scenario would be part of larger price bottom Gap (GPS) is building. We could be seeing a recovery indeed!Gap (GPS) Daily Chart 2/24(click to enlarge)