GGRC11 Possible downtrend start
Price is below the 20 period moving average and is now testing a support line(light blue 116.68) which is a key support due to the fact that it acted already as support and resistance in the past for a few times.
This area is also a convergence point between the support line(116.68) and the 56 period moving average(dark blue) and downtrend line(light purple).
If price respect the downtrend line and goes bellow the 56 moving average and reject the support line(116.68) it is possible downtrend start.
Strategic I will wait to see if a downtrend start or if the price will revert and continue the big uptrend.
If the uptrend is confirm by respecting the moving average, the support line and pass over the downtrend line and forming a higher highs after, I will by in the confirmation to increase my position.
If the downtrend is confirmed then I will wait more until I saw another sign to increase my position with a lower price.
Short
