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Looks like some constriction in the works. It'll probably breakout within six weeks. I think this will be an upward breakout but really it could go either way. The vertical lines are my price targets (11.20 and 2.75), I just took the high of the formation and the low and used that distance to make a prediction. As I've said before I won't be going into shorting here so I'll just give some long trading ideas.
Entry: 8.15, 7.75, 7.50 (Above the formation by a bit to make sure a fake break doesn't trigger a buy)
TP: 11.00, 10.50 (Below the 11.20 target)
SL: 6.20, 6.00 (Below the formation)
I think there's a decent possibility for this one to have a few fake breaks before picking a direction. Taking a higher entry point or a lower SL will help to avoid getting thrown out from that. I'd also like to point out that even though my price targets are fairly far away from the current price percentage-wise they are within the high/low of the weekly chart. This trade isn't counting on new highs being formed.
If you have a stock you want analyzed leave it in the comments.
Do your own research before taking any position. I don't have a position in GT nor will I be taking one in the next 72 hours.
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