What a day!
When it opened positive, had hope that it was going good but then all the sudden, shorts just smashed it almost immediately.
Combined with ASX200 being smashed, nothing really helped.
Looks like the confirmation signal drew in shorts more than any buyers.
Using another charting, I figured I look at the short term momentum to see if it still holding and does appear to be holding for now even though it was smashed back down to below $1.70, and once again we are back where we were about 2 days ago.
It's a shame that GXY that is bringing lots of revenue in the future is a hostage to such a sell down and the shorts that can potentially scare real investors away.
So from momentum point of view.. this is what I have:
View attachment 619224
The Macd Hstg is pointing to a positive green at 0.0021 yesterday, which closed at $1.745
View attachment 619227
Today's Macd Hstg is pointing to: 0.0037 at today's close at $1.685
I'm still quietly confident that the momentum is there. And there was another record short yesterday with the battle royale at $1.70-$1.72. When would they ever let it go and move on?!?!?
Looks like Shorts went out all war today, but it is a war that they appear to be dropping off because of less trade volume and less % capital shorted:
http://www.shortman.com.au/stock?q=gxy
I had hope to cross over $1.75 today with mini resistance but looks like perhaps it was a bull trap to let it up 5%, then short it down today.
Up nearly 5% yesterday, drop just over 3.5% today.. but overall still a gain upwards.
Seems like 2 steps forward, and 1.5 steps back and back under $1.70. Battle Royale at $1.70-$1.72
Tomorrow is another day and shall see about the momentum.
Slow and Steady !!
