GTCAP retested the over 8-month downtrend resistance line but with another bearish candlestick pattern potentially forming again - a Hanging Man candle (requires confirmation).
*It also retested the immediate resistance at 1275.
*Failure to break both resistances followed by another correction will likely form up another Double Top pattern (bearish).
On the other hand, a breakout from the downtrend line will likely have an initial price target around 1360.
See previous GTCAP analysis related to this downtrend line:
https://psetrends.blogspot.com/2017/04/gtcap-failure-to-break-downtrend-line.html
Trading Plan
- Avoid for now and monitor the price action along the downtrend line and the immediate resistance.
- Buy on breakout confirmation.
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