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Nice thanks Pro. I think you've provided me a stop level as I...

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288 Posts.

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19/01/18

17:12

Post #: 30424405
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Originally posted by ProCapitalism ↑

Long term we are trading inside a parallel channel so we could trade down to the trend line at the $2.50 mark over the next 6 months.

GXY is a solid company, for that reason I think it will be a sideways market (lots of up & down weeks) for the next 6 months at least & trading between $3 & $4. That's where the Tenkan Sen is. Consolidation periods are needed before the next move up. No SP starts trading at $0.01 & moves in a straight line up to $4.60 regardless of how profitable the company is.

The retracement will bring our SP back into equilibrium, allow new buyers to enter the market & then we can move up to the $6 mark or higher.

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Nice thanks Pro. I think you've provided me a stop level as I have a target price in mind from my Elliot Wave work.

GXY Price at posting: $3.52 Sentiment: Hold Disclosure: Held
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