Shares of Gap (GPS) traded sideways this year as we can see in the daily chart. Gap (GPS) Daily Chart 12/14(click to enlarge)Turning Bullish:- As noted above, the general direction of the market was sideways in 2016. - Heading into 2016, GPS was bearish.- It can be argued that the overall sideways market was a product of a market in the process of bullish reversal.- We can say that the market has been bullish since May because it has made a critical higher high and higher low. Recent Bearish Correction:- After price cracked the high on the year by pushing to 30.70, it retreated sharply.- This sharp bearish correction eventually found support at 24.00, which is now a critical support.- Note that despite the sharp dip, price is still respecting the cluster of 200-, 100-, and 50-day simple moving averages (SMAs) as support.- The RSI is also holding above 40, which reflects maintenance of the prevailing bullish momentum.24.00 is Key:- At this point, 24.00 seems to be the critical support. Bearish Scenario:- A break below 24.00 would clear below the SMAs and possible the rising trendline from May. - Below 24.00, we should look at the 21.50-22 area as the first possible target. - Below 21.50, the lows on the year just above 17.00 would come into play. Bullish Scenario:- So a hold above 24.00 should be a sign that bulls are still in charge. - The 30-31 area is in sight for a bullish outlook in the short to medium-term.- In the weekly chart below, we can see that above 31, the next key band of resistance is in the 34.70-36 area. - This area contains a previous support area as well as the 200-week SMA. - A bullish target for GPS in 2017 could be in this 34.70-36.00 area. GPS Weekly Chart (click to enlarge)