I'm liking the action just now - let's see if it can finish the...

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20/06/17

15:16

Post #: 25383282
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Originally posted by limlwl ↑

View attachment 616890

Looking at the weekly charts, it looks like we may bounce from here. The share price rarely goes under the BB (1.66), and when it does, it usually bounces off over time.

Looking at the Fast stoch.. it looks like we are also turning up as well. All other indicators are slowly turning up very slowly, so we'll need to have patience.

There appears to be a battle royale at $1.70-$1.72, like on Friday and today. Perhaps it's an attempt to stop the gap being reach but given the large amount of shorts already been spent to push to $1.55 last week, its a losing battle as lots of bargain hunters always buys it up when it reaches around $1.60, then $1.66.

It's just a matter of time before shorts lose steam. Hopefully tomorrow we can break $1.72, which will force shorts to cover. Bargain hunters are still floating around.. watching and waiting to buy in.

Daily chart below.. hint of turn around, 2nd day already.. a couple more days like this would be very good.

View attachment 616911

All indicators are on oversold!

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Originally posted by limlwl ↑

Wohoo! $1.74! - Hopefully it can hang onto it because we all know that there's a massive battle royale between $1.70 - $1.72

Shorts must be sweating now. If this continues over next few days (which I believe it will), we should see shorts start covering end of this week and next week... leading into new financial year. Then the $$ from Superfunds will start buying.

Insane shorts over last few days: http://www.shortman.com.au/stock?q=gxy

But like I said.. a LOT of Bargain Hunters pouncing... totally oversold by all indicators!!

Just have to be patient... we'll get to $2.00 eventually.. slow and steady....no sharp rise and sharp drop please!

Expand

I'm liking the action just now - let's see if it can finish the next hour on an ongoing strong note and finish on a high as they try to give it another push down !!

As usual some lumpy sellers at one or two cents higher to keep a lid on it.

GXY Price at posting: $1.73 Sentiment: Buy Disclosure: Held
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0 Great analysis

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