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8/6/99 Gap Inc (GPS)
Points to watch: Gap has broken
important support levels during the past 2 days. On Wednesday the
stock fell below its 55 day moving average at 45.8, and below Gann angle
support at 45.88 which had acted as support on 5/26 and on 7/29.
Yesterday the stock gapped down at the open, falling below its 200 day
moving average (41.2). The stock survived an intraday test of Gann
support at 37.25, and closed the day at 39.88, below its May lows.
Signs of weakness in the tock were apparent at the July peak, with weekly
OBV and MACD both showing strong negative divergences with price.
Technical indicators continue to head lower. The stock is a sell if it
breaks below support at 37.25. Upside resistance is at 41.2 (weak) and
at the top of the gap formed yesterday (43.13).
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