sp momentum has stalled, 2 red days with very narrow trading ranges after a big run up.
impossible to say technically at this moment whether this is a pause for consolidation after having through all time high resistance before the next leg up or whether it is going to be the start of reversal of the trend.
the next one to two trading days will define the next trend and the traders will be watching closely.
im happy to sit back and ignore the swings even if it drops back to $3 or high 2s which would be a reasonable fibonacci retracement. there is too high a probability of positive news in the near horizon to risk trying to trade this one, except as a small parcel say 10-20% of ones overall gxy position.
whilst its been nice to watch my parcel double in value over recent weeks, $4 and then onwards to $5 look fairly likely over the next 6months, with the usual wild ride and extreme swings along the way that is the gxy sp.
GXY Price at posting:
$3.77 Sentiment: Buy Disclosure: Held
