I have been shorting GU for a few days now but the current conjuncture made me lighten up my position. We just crossed upwards an important trend line so I am waiting to see if we will see a test of the newly found support, followed by a bounce, or if we will run through it like butter on the downside. One scenario is that we just needed to test the 1.24 resistance before resuming on the down side, but the other scenario is that we will gather force to penetrate the resistance zone highlighted on the chart after we test the current support. In either case, I will be watching closely the price action on smaller time frames to either add to my short or completely reverse my stance.
Note
It looks like support couldn't hold. Resuming shorts as we make closes below red trendline.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.