Chart, page-8590

I posted the above chart a few weeks back.

I don't think our chart is all that bad at the moment.

I still believe we have a reverse head & shoulders on the daily chart. The $3.50-$3.60 zone of resistance needs to be broken for this chart pattern to play out & the $4.40 zone is the target.

The shoulders at the $2.90 area haven't been broken yet so that's further confirmation of this pattern. The $2.90 has to be maintained as support for this pattern to play out as well.

We have support around the $3.15 zone which also coincides with the top of the Kumo which means we might have a lot of support in that area & we could bounce higher from there.

It's possible we may trade down to the $3 mark to bounce off a trendline that might be forming. This might result in a breakout above $3.60 which means the reverse head & shoulders can be traded.

The selling could be due to the end of the financial year as many people have speculated (some GXY holders bought at $4+).



We may have to wait for the new financial year to roll round for confirmation.