GTCAP: Initial Target Hit
A lot of people especially those in major brokerage houses did not actually think that GT Capital Holdings, Inc. (GTCAP) would reach Php780. Well, we at Trading Edge Consultancy noted that possibility last February 1, 2013 when GTCAP broke out from an ascending triangle pattern. For awhile there the Php750 resistance stood tall which caused GTCAP to fall back to its uptrend line support. On February 27, see our previous post HERE, we noted that GTCAP was about to rally given the fact that it was sitting right smack at its support. It rallied shortly and today it already reached our initial target Php780 and even closed higher at Php786. Given today’s price action, it may extend its rise due to the bullish gap that it made.
GTCAP write-up from the Trading Edge Equity Advisor:
February 4, 2013
GT Capital Holdings, Inc. (GTCAP) may extend its ascent in the very near term as it has just broken out from an ascending triangle pattern. Note that it has done so with a breakaway gap, implying increased demand on the stock. Based on the height of the triangle, GTCAP may aim for around Php780.00/share. Additionally, a turn‐up in its MACD suggests that it may start to run up again.
Buy at present level or closer to Php690
Target at Php780
Cutloss at Php670
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