Well that's another week behind us, it was geared up to be an interesting week after last weeks ann. So I will start with my weekly chart and try to break down what I'm seeing.
There are a couple of trendlines that are obvious, a couple of large gaps too. RSI bounced off oversold during the CR, MACD turned positive about halfway between then and now. Zooming in a bit, still on the weekly. The SP broke out of the immediate downtrend resistance and closed above, the bounce was off a doji candle, a gap was left below. MACD tested the red line, RSI is pointing up, Bollinger band has become tight. SP now sitting above all my shorter term MAs bounced nicely off my 3s 8s and 20s
On my daily charts, MACD has more recently turned positive, the breakout was pushed back down then pushed back up Zooming in a bit, the SP pushed out above the BB then settled to find support on the 8sma and 20ema, closing above all my MAs (up to 50) with a final test of the 50sma. BB has expanded a bit to give the SP a bit more reasonable room to play in
Breaking this down a little further into the 1 hour chart, the 50s have now crossed over the 200s, both 200s and the 50ema have been support for the SP to test and bounce off. A close above all of my MAs finished this week and we're sitting close to the middle of the BB with plenty of room on the MACD, RSI and BB for a further move up...
Of course anything could happen, but I think about the reason I am holding this stock (quite bullishly). The recent ann is a very promising starting point for an emerging tech stock, the first sign of things playing out IMO, MC is tiny, the sector is probably the most influential one in the current market going forward (NVDA is a flag for this) I watched Bidens conference today, I don't want to get into a discussion about that whole thing but a couple of points took my interest regarding the semiconductor space, and then later talking about weapons manufacture. I personally don't think these areas will change regardless of who wins the election
Just my personal take Hoping for more good news to come GLA
BLG Price at posting:
3.6¢ Sentiment: Buy Disclosure: Held
