GTCAP back for another crack at trendline resistance

GT Capital Holdings, Inc.

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.

GTCAP failure to break the downtrend line

GT Capital Holdings, Inc.

This is just an update on the previous GTCAP price action analysis.

GTCAP fails to break the 8-month downtrend line and correction followed after a bearish Hanging Man candlestick pattern confirmation

See previous analysis:
https://psetrends.blogspot.com/2017/04/gtcap-price-action-analysis.html

GTCAP price action analysis

GT Capital Holdings, Inc.

GTCAP's recent sharp rebound from major support at 1120 after forming a Double Bottom pattern brought it back to its 8-Month Downtrend Line, its immediate resistance area (1275 is also another resistance level).

Trading Plan
- Scale down or take some profit if trading short term, and profit run the rest of the position with trailing-stop (or wait for confirmation if it fails to break the downtrend line before taking any profit taking action).
- Also a potential buy on breakout from its 8-month downtrend line (an immediate breakout will have a measured target near 1400)

GTCAP potentially near the bottom

GT Capital Holdings, Inc.

Recent breakdown from a Double-Top pattern has already hit its measured TP at 1210.

Another breakdown from Ascending Broadening Wedge pattern presents more downside risk towards the major support at 1084~1123 area.

*Stochastic indicator at oversold territory, a signal crossover from this level will likely confirm the reversal.
*RSI is also near oversold territory (using immediate trend bias, its already considered oversold and now showing sign of recovery)
*Immediate resistance at 1298.

Trading Plan
- Trading buy near the recent Double-Top breakdown target at 1210.
- Set stop-loss around 1084~1175 area depending on risk appetite. For position trade, set stop-loss on breakdown from this support range.
- Immediate TP near 1298/1300. Can take initial profit at this level and profit run the rest on breakout from 1300 resistance.