We have the long term uptrend meeting the medium term downtrend which is resulting in a "squeeze" ie the gyrations are becoming tighter and tighter. The "squeeze" is manifesting itself as a falling wedge.
According to the technical analysis literature an upward breakout from a falling wedge occurs more often than a downward breakout but, of course, there are no guarantees. Apparently breakouts from falling wedges are less reliable then breakouts from other patterns.
Another factor that may affect the price performance of this stock is the introduction of bearishness in the general stock market. I think this may occur for a short time during May.
GXY Price at posting:
42.0¢ Sentiment: Buy Disclosure: Not Held
