It's only been one day, give it time and it will break $1.70+.
It's totally oversold on all indicators and bargain hunters love these type of oversold, especially it also formed a bullish harami which will attract even more buyers.
Furthermore, the amount of shorts opened last week were massive by all accounts, and probably have little ammo to push it down. This is why we saw such a jump from $1.55 to opening of $1.62 in first instance.
Any sold on the $1.70 were simply people selling at profit, and down she went, but chart patterns usually forms a new buying/selling trend.
While confirmation is important (eg: higher high or higher low), but essentially buyers waiting for confirmation will be buying at higher price than what it is currently.
This is where its important to also understand the fundamentals and there's a massive disconnect between the price now, and the fundamentals of GXY.
Last time, it was 31c, it had much higher risks with little certainty on its operations (it was more riding on hope), compared to 31c today, with shipment, and revenues being generated.
Price is what you pay, value is what you get.
Perhaps even an opportunistic takeover at $2+ or more.... after all, everyone loves a bargain.
If no one is selling, Shorts have 10M+ shares to cover.. Ouch.
GXY Price at posting:
$1.64 Sentiment: Buy Disclosure: Held
