Rarely, but actually, your line falls on the 786 retracement which is good news. Bad news is I dont think thats going to hold. The rib levels behave well for this stock.
Below is my analysis over 6m and so far its been pretty good. Its all a bit messy as its full of retracements and extensions but they all line up very well.
Whats a real bugger is that $2.0 was a very strong resistance both structurally and also lied on the 786 retracement AND the bottom up trend line - but that got smashed a week ago. This is why there has been increased shorting.
NOW the retrace at 50% at around $1.78 is all thats holding it up now.
As I type its getting close.
If it break we are looking at the 1.7 and 1.42. Its a bit of a mess at the moment
GXY Price at posting:
$1.79 Sentiment: None Disclosure: Not Held
