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Goodyear Tire Is Not Having a Good Year on the Charts

Bruce Kamich

Prices could make a new low close for the move down today keeping the downtrend going and opening the way to new price targets. In this daily bar chart of GT, below, we can see that the declining 200-day moving average line has defined the downtrend all year and prices have spent most of the past year below the bearish 50-day average. The daily On-Balance-Volume (OBV) line has gone to sleep and is not showing any sustained aggressive buying.