In our recent update on Gap Inc (GPS), we noted that price was trading in a range within a range. Last week, price finally broke resistance of the smaller range (at 25.40), pushing into new highs on the year, but still below the 2016 high around 30.00.Gap Inc (GPS) Daily Chart(click to enlarge)Breaking from Consolidation:- Price action for GPS has been sideways since the start of the year. - As the daily chart shows, price has been ranging roughly between 22 and 25.40. - Also note that the 100-day and 200-day simple moving averages (SMAs) are moving sideways and price has been oscillating above and below these SMAs. - After several failed attempts to push below 22, price finally pushed higher instead and broke the 25.40 resistance last week.- Note that price is now above both the 200- and 100-day SMAs. - If price pulls back, we should anticipate support in the 24-25 area. If price can hold above 24, the bullish breakout would still be valid.- This opens up the 30.00 handle.- A break back below 24 suggests a test of the 22 support, with a strong chance of breaking lower. Larger Range:- The weekly chart shows that price around 30, up to 30.45 should be monitored for resistance.- There is a common resistance here, which is also the 2016 high, as we can see on the weekly chart.- Furthermore, if price does eventually reach 30-30.45, it might also be challenged by a falling trendline.Gap Inc (GPS) Weekly Chart(click to enlarge)