That's rubbish bagging TA in this climate just because it is not showing you what you want to see.
TA is not worthless atm as claimed on the other thread. It's about all you've got to go on at the moment and it is very clearly showing you the market's sentiment. Ignore it if you wish but don't claim it's worthless because you can't handle what it is showing you.
Forget the decending triangle garbage. What the chart posted is showing you is a 4 month long downtrend- lower highs followed by lower lows. That's not hard to work out, and it's not telling you anything else- yet.
What was maybe innocently or otherwise left out is the indisputable fact that GBG has decisively broken a 3 year uptrend that has been intact through all the previous wild ups and downs since August 2005.
For GBG to be still maintaining that well established uptrend, the price would now need to be around the 90c level. GBG is about 30% below that level and needs nearly a 40% lift in price to even just maintain the uptrend, let alone resume it.
Since that uptrend has been decisively broken, it plays less of a significance and the overiding features now are the downtrend and next support at 60c.
Don't ask me if support at 60c will hold because no-one knows if the price will even reach 60c, but the chart will eventually tell you what happened as it unfolds.
The good news is that GBG is far from being the only stock that has broken long term trends.
GBG Price at posting:
64.2¢ Sentiment: None Disclosure: Held
