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schmunzel75

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07/01/20

17:46

Post #: 42268834
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Originally posted by Darkstone ↑

Well, if we are talking TA - given we are in the chart thread - a double bottom should deliver about 2 to 2.5 times the height of the first dip to the hump, which means that if it breaks 112.5 on high volumes, after a small pull back it should rise to about 160 to 170 by about July (based on the length of the double bottom). After that you need something else to drive the pattern. I'd expect a pull back before then between the middle of Jan and the middle of Feb which on previous patterns (absent the double bottom we have just had) could be up to 30% but, with the double bottom in play, I'd expect around 15-20% possibly less, then a resumption of the double bottom uplift. Interestingly a fall of 10% at the moment keeps us inside the current upwards channel (caused by the latest rise). May/June would bring another trading opportunity and then a run up until July. Obviously the news cycle over rules all TA, but in the absence of anything from that space that is the broad TA behaviour I would expect over the next 6 months. Obviously I believe the down-trend has been broken at this point. If something restarts the down trend then the expectation changes (obviously).

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Thanks @Darkstone
However, what good GXY news actually trumped TA over the last 24 months? There was some good news in below pile of comms. But even the POSCO deal in Q4 2018 didn't trump the LT downtrend (though it provided a short reprieve).
Based on our recent history, I am more optimistic that GXY SP recovery will be driven by positive market sentiment than company specific comms. When this will change, I dunno!

Great day for GXY!

Last edited by schmunzel75: 07/01/20

GXY Price at posting: $1.07 Sentiment: Hold Disclosure: Held
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0 Great analysis

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