I'd like to add my chart interpretation . The few previous days have shown a struggle trying to touch the 30c barrier, with an eventual down trend forming. Thursdays close lower than the previous 2 days showed a continuing down trend with a lower tail (this is when I bailed). Fridays close of an equal low to the previous days and rise with a pull back shows some buying support present, but IMO probably not enough to say an upward move is definetely forming(but looks promising ATL). I like to use a few confirming indicators to predict share moves, while it may not move up yet it is starting to enter an oversold period and this could bode well, it may drift for awhile but then move up. Timing is important!
It has been going down for 2weeks and it has in the past given a reversal in the 14to 21day cycle. It may touch 24c lows and this is what worried me. A further concern was the price being driven down pending the ANSTEEL allotment due. A lower share price would have made that more palatable rather than an issue at near 30c. I'm still interested in GBG .....but am weary.
GBG Price at posting:
27.5¢ Sentiment: None Disclosure: Not Held
