Goodyear emits more negative signals - Analysis - 08-06-2022

Goodyear Tire & Rubber Company's stock (GT) fell in the intraday levels after issuing a recall for over 173 thousand tires for safety issues that might raise crash risks according to an NHTSA letter to the company. 

Technically, the stock faced resistance from the downward short-term trend line, with negative divergence from the RSI after reaching overbought levels, with negative signals from the RSI, marking a loss of 0.37%, or 5 cents, and settling at 13.64, with trading volumes surpassing 2.8 million shares, below 10-day averages of 4 million shares, while the stock was still buoyed by trading above the 50-day SMA. 

Therefore we expect more losses for the stock, trying to gather momentum and recoup and lean eventually on the support of 12.47. 

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Expected trend for today: Bearish