Trader's Logbook

GMA has been generally trending downward since July as presented in the chart. Although there were some rallies along the way but they were not so big. Current price rests below the 23.6% Fibonacci retracement level. Is it going to break from the support or smashes the resistance soon? The way the pattern was formed, I think it will go near the resistance. Candlesticks doesn’t give us a clue as to where it will go. Maybe we will just see some continuation pattern candlesticks but one Kicking stick may change the CHANNEL.

Caveat!