I thought I'd start a new chart topic for 2020! Whilst there's not much liquidity, however this year I anticipate a lot of new traders/investors joining GMV bandwagon due to a few announcements that are in the pipeline. Looking at GMV chart, the trend appears to change from downtrend to sideways. There’s accumulation happening in this phase in preparation for the next move due to change of market sentiment. In my opinion, GMV bottomed at 7.3c on 6th of December 2018, which built a very strong support line at 7.3c and 8c. We also have unfilled gap at 9.5 – 10c after yesterday's annoucment.
We have successfully closed above 50MA on the daily chart. A break of the resistance lines at 13.5c and 15c means we will be approaching 200MA at 17c for the first time in a while. All technical indicators are positive with plenty of room for the SP to move. Lets see the market direction on Monday, possibility of price capping due to many factors? We shall find out.Downtrend Channel ending
Unfilled Gap
Major support and resistance lines only. Your red lines are resistance and blue lines are your long term support.
