G1PC34 trade ideas
GPC at supportStock could drop and be a good put play or bounce and be a great long or call play. This depends on market and Greece may cause the drop below the support!
GPC double gap upGPC 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.
