Gap Inc (GPS) Is Looking Attractive, Watch This Trade Level
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.
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