Gap Inc (GPS) is a leading apparel and accessories retailer. The company operates under the Old Navy, Gap, Banana Republic, Athleta, Intermix and other brands. Gap Inc (GPS) stock topped out in May at $37.63 a share. Since that top, the shares have steadily declined and currently trade at $24.35 a share. The stock is now in a confirmed daily chart downtrend as it trades below its important 50 and 200-day moving averages. It remains in a weak technical position and could signal a little further downside near term.
There are some major larger time-frame support levels coming up for Gap Inc (GPS) stock around the $23.00 level. This important support area is where the stock broke out in early February 2021. Often, prior breakout levels will serve as very good support when tested. There is also a major retracement level in this same support area. This should add to the strength of the support level when tested.
Get EVERY trade Nick is taking with his members right here…
Get all of Nick’s OPTIONS Swing Trades Here <<>> Get all of Nick’s STOCK Swing Trades Here