The technical picture of the Goodyear Tire & Rubber Co stock (NASDAQ: GT) on our daily chart shows that yesterday, the share price finally moved above a short-term downside resistance line, which has been running from the high of June 7th. The stock started picking up buying interest again and is showing willingness to move higher. However, certain barriers would still need to be overtaken, before higher areas could be met.
In order to get a bit more comfortable with the upside, a push above the 16.17 barrier, marked by last week’s high, may attract more new buyers into the game, possibly clearing the way to some higher areas. That’s when we could aim for the 17.05 hurdle, marked by the high of July 12th, a break of which might set the stage for further advances. Our next possible resistance target could be between the 17.62 and 17.82 levels, marked by the highs of July 1st and June 25th respectively.
The RSI and the MACD are both pointing higher. Also, the RSI remains above 50, showing clear positive price momentum. However, the MACD is above its trigger line, but sits slightly below zero. Nevertheless, the MACD seems to be supporting the idea mentioned above, of seeing further advances in the near future.
Alternatively, if the stock falls back below the aforementioned downside line and drops below the 15.41 hurdle, marked by the low of July 22nd, that could keep new buyers away from entering the playing field for a while. GT may drift to its next support area between the 14.49 and 14.80 levels, marked by the lows of July 20th and 19th respectively. If there are still no new buyers around that price range, the slide might continue, potentially targeting the 13.58 zone, marked by the low of February 18th.
Disclaimer:
The content we produce does not constitute investment advice or investment recommendation (should not be considered as such) and does not in any way constitute an invitation to acquire any financial instrument or product. The Group of Companies of JFD, its affiliates, agents, directors, officers or employees are not liable for any damages that may be caused by individual comments or statements by JFD analysts and assumes no liability with respect to the completeness and correctness of the content presented. The investor is solely responsible for the risk of his investment decisions. Accordingly, you should seek, if you consider appropriate, relevant independent professional advice on the investment considered. The analyses and comments presented do not include any consideration of your personal investment objectives, financial circumstances or needs. The content has not been prepared in accordance with the legal requirements for financial analyses and must therefore be viewed by the reader as marketing information. JFD prohibits the duplication or publication without explicit approval.
There are risks involved with trading of cash equities. Past performance is not indicative of future results. You should consider whether you can tolerate such losses before trading. Please read the full Risk Disclosure.
Copyright 2021 JFD Group Ltd.