On Jan. 29th, GCAP was posted as a bullish falling wedge pattern which was likely to break out of this bullish falling wedge pattern. GCAP did breakout shortly thereafter but as previous posted, my preference was to hold off on adding it as active long trade at that time on any breakout as my concern was that a breakout was likely to not immediately stick. GCAP had a nice little pop following the breakout but since has fallen back sharply and is currently backtesting the top of the bullish falling wedge pattern. Therefore, the stock is offering an more objective long entry here (current price as I type is 4.23) with a relatively tight stop on a move below the 4.12 area. As this is a sub $5 stock and the risk of failures on new long entries in general is elevated right now, probably best to take a smaller than normal position on GCAP if you like the pattern.
