Gildan Activewear's KDJ Death Cross and Bearish Marubozu Signal Downward Trend

Gildan Activewear's 15-minute chart has exhibited a KDJ Death Cross and a bearish Marubozu pattern on October 1st, 2023 at 13:45. This suggests a shift in momentum towards a downward trajectory for the stock price, with potential for further decreases in value. Sellers are currently dominating the market, and it is likely that bearish momentum will continue.

Shares of Gildan Activewear Inc. (GIL) rose 1.59% to C$80.33 on Friday, marking a new 52-week high. This positive move came during an overall positive trading session for the Canadian market, with the S&P/TSX Composite Index (GSPTSE) rising 0.10% to 29,761.28. Despite the stock's recent performance, technical indicators suggest a shift in momentum towards a downward trajectory.

On October 1st, 2023, at 13:45, Gildan's 15-minute chart exhibited a KDJ Death Cross and a bearish Marubozu pattern. These indicators suggest a potential downward trend in the stock's price, with sellers currently dominating the market. This could imply that the bearish momentum will continue, potentially leading to further decreases in value.

While the stock's recent performance was positive, it is essential to consider the bearish technical indicators. Investors should closely monitor the market and be prepared for potential fluctuations. Gildan Activewear Inc. hit a new 52-week high on Friday, surpassing its previous peak of C$80.01, reached on September 23rd. The trading volume of 421,396 shares remained below its 50-day average volume of 496,643.

Investors should remain vigilant and consider the implications of the technical indicators. The company's recent performance may not be indicative of future results, and the market's current sentiment suggests potential downside risk.