GEO - tested 38.2% fibonacci retracement

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GEO = 2.4 (6.2%)

GEO formed white candle but with lower low and lower high to test/bounce from 38.2% fibonacci retracement.

It will be a healthy retracement if GEO is able to bounce from 2.18 and test its recent high of 2.9. Which seems unlikely. Given that there seems to be forming a resistance at 2.44-2.55, a gap down. Another resistance is the change in fluctuation at 2.5. It is now a war between the bears and the bulls. It would be prudent not to place you positions in the middle of this battle, if your plan is for capital preservation.

Bought GEO at 2.34 at the open, since there was great demand at the start which was pushing the price way beyond its previous close. It was a rollercoaster ride after getting inside GEO, since my cut loss was breached at the previous trading day's low of 2.24. I had hoped that GEO would be able to bounce from the 38.2% retracement, it did and was even able to form a white candle. So I am still holding... until the breach of support which is now at 2.18.

Note: a good cut loss plan would be to get your position out if the demand or support line is breached around 2.34-2.26

Support: 2.18
Resistance: 2.44-2.55 (note: change in fluctuation at 2.5)

Good luck to all GEO traders!

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