IMHO a clearer picture is starting to emerge on the chart. Nothing is ever certain but I would say that the chances of up from here are greater than down. It looks like a little descending triangle formed as a topping pattern and as of yesterday's close the pattern is now complete as we are as far below the break down line as we got above it. Also the stochastic is now getting into oversold territory. From here it is very common for stocks to retrace back to test the breakdown line in the absence of bad news. On the news front so far so good....even by the admission of the gloomy brokers GBG's commissioning is on target and as far as a falling IO price goes that has been more analyst hot air than reality....so as a first target I say we will head back to 31c.
Should some good company news emerge AND is IO prices hold up the next step should be to break through the 31c barrier and head to the neckline of the reverse head and shoulder pattern at around 34c.
Fingers, eyes and toes cross that the bullish sentiment continues and more good news flows we should then break through the 34c barrier and a swift trip to a target of 48.5c is then a real possibility.
The last couple of weeks has been painful but in the bigger scheme of things, technically speaking, the recent retrace may be just a bump in the road. GRR seems to be following a parallel reality.
GBG Price at posting:
27.5¢ Sentiment: Buy Disclosure: Held
