Charting, page-2429

GLN ... What looked promising this a.m. ... i.e. Gapping up to finally breaking out of the 18 month long LTDTC(long-term Downtrend Channel) only to get "spooked" by its 1st resistance(old suppt) level of the LT SP horizontal R1(89.5-93c) zone. This all happened on large volume and, sadly, GLN finished on its daily low. Thus, one has to assume Sellers were/are very much in control. This 'control' probably means we need to see today's GAP filled at minimum, or even that miniscule Gap(@ 60.5c) filled as well, B4 any resumption to the upside. Either wouldn't bother me(from a TA perspective) as the SP would still remain within the (ST) Bullish AP uptrend. So we need to hold fast for some more (TA and FA) data to come through.



A "Close_Up" Daily Chart identifies a 5_Pt Bottom Pattern. Again, it shows the initial breakout of its 'neckline'(coinciding with the breakout of the LTDTC mentioned above), the Dark-Cloud candle, the close back below inside the pattern and those 'pesty' Gaps. We need a few day's more of SP action to see if today's action was a Bull Trap or just traders taking a quick profit. The bottom pattern has a minimum objective of ~ $1.05 so if, by any chance, we do get back to test today's high, and the 89.5_93c R1 GAP, soonish then that level is the next one to look for in the near-term. Risk to downside, as I see it, is a close below 60.5c ... but that's just me(and my tools of trade).



GLTAH's ...