Buyers of GT Capital Holdings (stock symbol: GTCAP) fought a good battle to defend the 750 area for about two months (see my previous post), but it ended unfortunately as sellers tore down their defenses around 750 last Monday. The break of 750 allowed sellers to push price to a new 2-month low of 718 just a day after. The next three days saw a rebound back to 750.
The Commodity Channel Index (CCI) is still on negative territory despite the recent 3-day bounce.
More than ever, buyers need to break the 800 level. If not, bearish momentum would accelerate and price would target a break of the five-month low of 706 set on November 26.