GSC - bounce off support, page-27

@SimpleJim GSC looking interesting technically at these levels. The stock has never traded higher than $0.215. So, theoretically, once it makes a move through this level, it's blue sky.

I can't see any obvious patterns (pennants, cup n saucer, reverse head n shoulders, batman's cape) that give me an indication as to where a measured move can take the price beyond $0.215 / where to take profit, hence I'd be keeping an eye on the candle sticks, RSI, Stochatics, Keltner channel and bollinger bands to give the signal that this upwards trend that GSC has enjoyed since mid June is running out of steam & to take profit / look for a re-entry lower.

Looking at the short term indicators on the daily, what concerns me at this price point is that the stochastic and RSI are both in the over bought territory, with MACD still positive. It's not to say the share price can't move higher from here and generally we can see big moves with stocks are both trading in 'overbought' or 'oversold' territory.

If I was new to the story, i'd be looking for a potential better entry point to buy in, with the $0.18 mark proving to be previously a resistance level, now turned into support. If you wanted to be super patient, you'd be hanging out for $0.14 (where the 200 day MA will meet you in coming days), where GSC has previously seen a high level of support. My guess is, short of a broader market sell off back to 5,400 on the XJO and a significant capital raising occurring, you may not see the $0.14 price point again as this project continues to progress.

If i try to take a step back and look at the medium (weekly) and longer term (monthly) charts on GSC for some perspective, the weekly charts aren't showing 'over bought' at this stage, however the RSI is very close. The monthly chart is a little more interesting with the RSI & Stochatics both bouncing along in 'over bought' territory, with a huge spread on the MACD. I didn't expect to see the 'over bought' signals on the monthly, as this generally takes sometime. As said earlier, you can continue to see large moves upwards when these signals are overbought and lower when oversold. So don't be surprised if this were to happen. Personally from a longer term perspective, I like to be buying / owning positions that are on the upwards trajectory from oversold to overbought, not already in this region. Iam out of GSC for the moment and am playing ABR instead, purely from a market cap differential view point & believe ABR will play catch up with GSC in short time. I will be looking for a better re-entry in GSC, if and when the time comes.

Daily


Weekly