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Shares of Gildan Activewear Are Moving Lower on 1.6x Above-Average Volume (GIL)

Published on Thu, 01/31/2013 - 14:15
By Robert Cotter

Shares of Gildan Activewear are trading today in above average volume, with the share price falling 2.5% to $36.87. About 511,000 shares have been traded today, as compared to the 30-day average volume of 319,000 shares. Unusually high volume can signify a potential turning point or validate a breakout.

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 74% above that low price at $36.87 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 (NYSE:GIL) has potential upside of 8.3% based on a current price of $36.87 and analysts' consensus 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 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