Hammer formation today as soon as we hit the 38.2% fib level. Looks like we could see some movement upwards from here in what looks like a definite bottoom.
Look at $1.20 as a new support from here on, with potential buying opportunities if we see a convergance around this level to confirm the bottom.
Also watch for MACD histogram to tick up over the beggining of next week to confirm entry points. Look at the selling that took place Arpil - mid May 2010, we saw some very strong movement from there & I believe that should be the case now as well.
GBG Price at posting:
$1.13 Sentiment: ST Buy Disclosure: Not Held