The issue with Charts and trends is all bias needs to be taken out. Many different outcomes are possible and in an illiquid stock like grl, confirmation is very difficult. So I appreciate the need to pre-empt unlike DEG which has greater liquidity. One can note that since April the trend was up but that channel was breached in mid august. Whilst still in an uptrend it is currently consolidating on low volumes. This lack of interest in buying or selling is primarily due to the status of drilling. Most other exploration companies are within the 25 to 30 range leading into drilling. So some price action as we approach a squeeze is important around this 20-21 level. It breached another potential support line on Friday but the horizontal support is intact. This is a close watch and some buying opportunities might present within the week.
GRL Price at posting:
21.0¢ Sentiment: Hold Disclosure: Held
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