GSC Chart

I’ve been watching the GSC chart since my system picked up the BFS “Bottom Fishing Setup” that triggered on 16/08.  See daily chart below.

  

Should have taken the long trade when the setup was triggered on 20/08, but the SP seemed a bit too close to the 50 SMA.  The 50 SMA has proven a strong resistance level on a lot of the Lithium Stock BFS setups lately.  However the GSC SP kept on going until it hit the 12/06 Anchor Zone Close level at 36c.

The WaveTrend momentum oscillator has now turned back down and a Bullish Flag pattern is forming.  A break of the SP above the Flag and the 50 SMA at around 32c would give a Fib 100% target of 42c on the next impulse move up.  This target level ties in well with the previous high volume Anchor Zone Close from 14/06.  I like it when these various levels line up nicely. The 36c level may still provide significant resistance.  On the downside I would expect the 28.5c level to provide support.

All IMO of course.  I’ll be watching closely.  Good luck everyone.