Charting, page-1427

Weekly chart for GLN

After 4 solid weeks of gains in a row, resulting in SP going from 90c to 1.73 ( 6/10 - 5/11/21 on the daily chart ) it was only natural that some profit taking would surface at some stage and this was the week.

The chart is actually displaying diversion , with the peak of the SP not reflecting the peaks of the RSI 14 indicator, a red flag that a bearish swing was on the cards.

RSI 14 at 73 is still in OB conditions, a drop to the 59 support level is possible.


On the daily chart , you can see the clear trend is down, currently holding on at the 23 fib , if that doesnt hold, then some very minor support at 1.50 appears, failure to hold there, then good support lies at the 61 fib 132.3 region.

Macro charts of the DOW and GLOBAL X were positive on Friday night, so what happens tomorrow is anyones guess.

imo

GLTAH

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