GKE once again back in our watch list after a nice run up since we blogged last month. GKE as you can see it resisted by the downtrend line which we drew.
Possible scenarios that could play out. It could retrace a little to the second support line of around 0.174 which we might consider an entry Or if it can breakout from that resistance line of about 0.183.
Support would be at 0.173
Our concern is that the simple moving average is kind of closing in together so it might signal a change in trend but if the price starts moving up then the SMA would start moving apart.
On the other hand the EMAs are still apart. So let’s watch it closely the next few days.