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Gap Inc. (GPS) Attacks Another Key Support at $21; $17 and $15 Could be Next

Gap Inc. $GPS has been bearish after consolidating for several months. The daily chart shows how price actually popped up in late February, but immediately came back down to the $24.35 support area.

Whenever you have a failed bullish attempt and price comes back to the original support, it is prudent to NOT rely on this support outside of the very short-term. Indeed, price consolidated for a little over a month, but eventually slid below the common support.

GPS Daily Chart

(click to enlarge)

Bears in Charge:
- Note that price is trading under the moving averages and has maintained a bearish structure since 2018. 
- It has been a choppy downtrend, but a downtrend nonetheless.
- Let's take a look at the monthly chart below.
Next Support is Around $17:
- As we can see on the weekly chart, price action has been bearish since 2015 after price broke below a double top.
- The 2016 low was just above $17.
- At the moment, price is falling sharply towards the $20-$21 support area. I think outside of a short-term bounce, we will likely see GPS fall further to the $17 support. 
- The $15 area seems to be a good bearish target as well as a level we can anticipate some support if $17 does not hold.

GPS Monthly Chart

(click to enlarge)

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