Not only is this a good stock pun. BUT retail has been hammered the last few weeks and just maybe GPS can surprise to the upside. After all it has sold off about 20% already this month. With the protective puts through next Friday my risk is capped at $1.44 per share. If there is a strong gap I will be selling the rip.
******GIVEN THE CARNAGE AMONG HIGH END RETAILERS THIS EARNINGS SEASON, NYSE:GPS LOOKS IN BIG TROUBLE IF EARNINGS ARE NOT GOOD, DEFINITELY NOT WORTH THE RISK TRYING TO CATCH THAT KNIFE, SITTING ON THE CUSP OF PAIN.
Watching GPS. Hoping for a fade and hold back to the 200 ( green dotted line) off the open. If I don't get the pull back I will wait for a break
of the pre market high and a hold above 30. Noticing a lot of earnings break away gaps so this may just run.
6 days ago Gap struggled to continue after a 1 month upward trend..
It halted its steady course at $34.21
This was an excellent sign for traders to short it...
It took a long, hard and struggling 5 days of patience for Gap to finally break and validate this trading idea.
Nice price movement gives another long trade opportunity as Elliot impulse and correction waves have finished, additionally, completed inverted SHS pattern confirms upward movement. on Stochastic oversold, now what we need is to watch for good bullish candlestick before opening position. On SPx500 also bullish breakout.
After gap down, Up trend start, now UP triangle formed
If price break out @32.40, we can see continuation of the up trend
Always remember about false break - if false break out of @32.40 happens and the price will return back into the triangle, you need to close position immediately.
GPS is currently forming a bullish cypher. The D leg of the cypher was initiated by the completion of a bearish AB=CD pattern. I purchased a few OTM puts at the completion of the AB=CD pattern and will keep them until price action approaches the the potential reversal zone of the cypher pattern.
If you have a lot of millions and looking for a safe investment, GPS A great stock for value investors. Put your money and leave it for years! Very good fundamentals and growth potential NO RISK Till $44.00. Invest like buffet right here ASAP! Do your due diligence, this is not the stock for short-term gain people.