Gap shares close higher on Tuesday, Mark Breitbard appointed as Banana Republic chief executive

On March 14th Mark Breitbard was appointed as Chief Executive Officer of Gap Incs (GPS) Banana Republic unit, with the retailer seeking to renovate the brand amid weak sales. Breitbard, the former CEO of childrens apparel retailer Gymboree Corp, is to assume the new role at Gap in early May. He is to replace Andi Owen and will report to Gap Incs Chief Executive Art Peck.

Gap shares closed higher on Tuesday, while also marking their third gain in the past eight trading sessions. The stock went up 0.68% ($0.16) to $23.70, with the intraday high and the intraday low being at $23.73 and $23.22 respectively. In the week ended on March 12th the shares of the apparel retail company lost 1.70% of their market value compared to a week ago, which marked a second consecutive period of decline and also the worst performance since the week ended on January 29th. The stock has pared its slump to 4.51% so far during the current month, following a 7.77% surge in February. The latter has been a second consecutive month of gains. For the entire past year, Gap shares lost 9.15%.

Mark Breitbard occupied the position of Chief Merchandising and Creative Officer of Gaps Old Navy brand between 2009 and early 2010. He also had experience with Gap North America, Abercrombie & Fitch and Levi Strauss & Co.

In late February, Gap Inc said that it had projected comparable sales to remain flat or increase slightly in 2017, following two consecutive years of decrease.

Traditional apparel retailers have been struggling to accommodate clients changing preferences, while facing fierce competition from on-line retailers and fast-fashion chains such as Zara, H&M and others, which offer more fashionable and less expensive apparel.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, today’s levels of importance for the Gap stock are presented as follows:

R1 – $23.75
R2 – $23.79
R3 (Range Resistance – Sell) – $23.84
R4 (Long Breakout) – $23.98
R5 (Breakout Target 1) – $24.14
R6 (Breakout Target 2) – $24.22

S1 – $23.65
S2 – $23.61
S3 (Range Support – Buy) – $23.56
S4 (Short Breakout) – $23.42
S5 (Breakout Target 1) – $23.26
S6 (Breakout Target 2) – $23.18

By using the traditional method of calculation, the weekly levels of importance for Gap Inc (GPS) are presented as follows:

Central Pivot Point – $24.33
R1 – $24.70
R2 – $25.13
R3 – $25.50
R4 – $25.87

S1 – $23.90
S2 – $23.53
S3 – $23.10
S4 – $22.67