GT Capital Holdings (stock symbol: GTCAP) rallied to multi-month highs recently after buyers made a concerted effort to break through the 800 level.
The momentum waned recently, as clearly indicated by profit-taking on Friday. This intense price action broke the ascending trendline instantly, and now GTCAP is, once again, challenging the 800 level. Will buyers work as one again this time?
The Commodity Channel Index (CCI) would approach the -100 level if GTCAP will break the 800 psychological level.
TP’s Advice: Avoid/monitor this stock for now. 800 is the line in the sand. Keep in mind that, on a broader perspective, GTCAP is still trading in a huge range (718-900).
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