The weekend before last I made a super bullish call on GBG which did not come off. I duely note there were scoffs and mocking through last week about the validity of charts...fair call, I have to take that one on the chin....BUT....
Whilst my reverse head and shoulders failed to go on with the break up last week it has not broken down either and is still in play (see the hot pink arrow to see how it tried and failed last attempt). The bollinger bands have now tightened which indicates that a break is coming which could be up or down....we got a sniff of up rather than down today with a small rise. Also the stochastic oscillator is oversold and looks to be trying to turn up. Last week the SP snuck its head up through the 50 day ema but got turned back by the bollinger band midline (which is also the 20 day sma). The 20 day sma and the 50 day ema have now converged and the SP is hard up against the underside. If we can break through on this second attempt then the neckline should be the first target. If the reverse head and shoulders plays out and we then break up through the neckline I have a target that is aroung 46c at the moment.
GBG Price at posting:
28.5¢ Sentiment: Buy Disclosure: Held
