Stocks On Watch

[dalcindo]

Re: GTN

Hi, Waycokid! - Thank you.

At this point, it seems that GTN has reached a technical point where it is most likely to retrace.

Although I modified the attributes of the original lines used to construct the channel (increased thickness at extremes; projected an additional down-trendline for the extreme upper border of the down-channel), the chart is still intact in terms of the speculative price channels.

The recent close at the channel corresponds to the upper border of the speculative down-channel. Additionally, the closed occurred at the mid-line of the up-channel. And finally, secondary indicators are taut to the "overbought" limits.

OVERALL: all this lines up for greater probability for a retracement.

At the extremes of RSI, I would consider tracing two overlapping Fib grids (one at the extreme high/low, and a second at the clustering areas of highs and lows. This would help construct a Fib matrix where Fib lines that overlap would point towards the most probable areas of support.

Best of luck my friend!



D.