Well according to the charts it is confirmed GBG has a short...

Well according to the charts it is confirmed GBG has a short term bullish pattern:

http://aussiewealthreview.com/?p=106

Two Bullish Iron Ore Chart Patterns

By Gabriel André

Gindalbie Metals (ASX:GBG) is our first subject today. Al mentions it above, and what the fundamental issues are. But what we want to know is…how does the chart look?!

We always want to know that. We’ve wanted to know that since birth. We’ll take that desire with us to the grave. We have support lines in our blood, and retracements in our soul.

But until then, we’ll enjoy looking at companies like Gindalbie. It’s trading in a long-term bullish trend that began in September 2005. The stock recently tested this trend-line in January, and bounced. It’s not the first time this has happened, as you can see. The trend gives Gindalbie strong support.

But the bounce that came in January, couldn’t push Gindalbie beyond the 23.6% Fibonacci ratio level. It came back towards the support line, then bounced again. Yesterday, the price soared above this 23.6% Fibonacci ratio level during the session but eventually closed below it. That makes today’s trading session pivotal.

Right now, it’s up 6% for the day. That’s a good sign.

But watch the close. If today’s closing price is above this level, it’ll be a short-term bullish signal. This could drive the stock price towards $1.15, the next Fibonacci retracement level. If the price fails to close above the 23.6% ratio level at around 93 cents, expect a move back towards the long-term support.