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Bearish Moving Average Cross by Gildan Activewear (GIL)

Published on Thu, 01/31/2013 - 12:14
By Robert Cotter

Today, shares of Gildan Activewear (NYSE:GIL) have crossed bearishly below their 10-day moving average of $37.54 on a volume of 344K shares. This may provide swing traders with an opportunity for a short position, as such a crossover often suggests lower prices in the near term.

There is potential upside of 10.1% for shares of Gildan Activewear based on a current price of $36.27 and an average consensus analyst price target of $39.92. The stock should find initial support at its 50-day moving average (MA) of $36.07 and further support at its 200-day MA of $31.03.

Gildan Activewear share prices have moved between a 52-week high of $38.20 and a 52-week low of $21.13 and are now trading 72% above that low price at $36.27 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 0.9%.

Gildan Activewear Inc. manufactures and markets branded basic activewear. The Company sells its products principally in the wholesale imprinted activewear segment of the North American apparel market. Gildan sells cotton T-shirts, placket collar golf shirts, tank tops, and sweatshirts.

By Robert Cotter
rcotter@fnno.com

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