Well, as most of us might know GCMR has been through some issues which lead to the steady decline in the stock price since mid November. If you don't know the fundamental reasoning behind the decline then all you have to do is just search up the company in marketwatch, the Wall Street Journal, Seeking Alpha, Benzinga, Google, Barron's etc.
Back to the point though, I'm monitoring the 110.00 area of support for a break below support, in which I will move to the lower time frames on Thursday and look to enter short on a retracement with the first target being the 1.27 Extension and the second target being between the 1.618 Extension & 90.30 area of support.
Note:
-Also do keep an eye if it does not break support for a break of the descending trendline and the 118.65 area of resistance for a break above. Which could signify a change of trend bias.
-When I say I'm looking to get in on a retracement on a lower time frame I take the chart down to the 5 minute TF and monitor the retracement on Level 2's waiting to see exhaustion from the retracement and enter short.
Cheers, happy trading folks! =)
Back to the point though, I'm monitoring the 110.00 area of support for a break below support, in which I will move to the lower time frames on Thursday and look to enter short on a retracement with the first target being the 1.27 Extension and the second target being between the 1.618 Extension & 90.30 area of support.
Note:
-Also do keep an eye if it does not break support for a break of the descending trendline and the 118.65 area of resistance for a break above. Which could signify a change of trend bias.
-When I say I'm looking to get in on a retracement on a lower time frame I take the chart down to the 5 minute TF and monitor the retracement on Level 2's waiting to see exhaustion from the retracement and enter short.
Cheers, happy trading folks! =)