GPC double gap up
GPC has spent most of 2014 in consolidation. The high of February proved to offer very strong resistance and price tested it a couple of times before finally breaking through. Once resistance had turned into support the uptrend has continued with some momentum.
On the daily chart there was a bit of stickiness around the $100 figure but now there is no specific resistance ahead. Last week Thursday's bar gapped up with higher volume and a bullish bar. This looked like a good near-term buy opportunity but the following day price gapped up again on higher volume - but this time with a bearish bar.
This could still present a good near-term buy but with the Christmas break fast approaching I will stand aside on this one - for now. I may look at it again next year for a longer-term trade.
On the daily chart there was a bit of stickiness around the $100 figure but now there is no specific resistance ahead. Last week Thursday's bar gapped up with higher volume and a bullish bar. This looked like a good near-term buy opportunity but the following day price gapped up again on higher volume - but this time with a bearish bar.
This could still present a good near-term buy but with the Christmas break fast approaching I will stand aside on this one - for now. I may look at it again next year for a longer-term trade.
Web: dt.live
Instagram: instagram.com/dynamictrader
Twitter: twitter.com/dynamictrader
Instagram: instagram.com/dynamictrader
Twitter: twitter.com/dynamictrader
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.