At last GXY has been allowed to have a positive price movement after yet another positive announcement from the company, all going well for the long term.
NO1. on the chart is as stated before a very dangerous type of day to buy into for the short term, it has a narrow price spread on HUGE volume and also gapped up to make things even worse.
Following it is the typical day where even more short term traders are baited into buying - opening and going even higher with the full intent of taking their money with weakness to follow, note the huge volume on Thursday - shorter term traders now fleeing to be followed by the last bar on less volume but with still more traders leaving BUT also finding a few opportunist buyers closing highish on the day.
Also note NO2. on the chart a previous minor level of resistance that was tagged on Thursday. With the DOW being very unsettled this week we may see GXY settle down even more thus providing yet another low risk entry.
GXY Price at posting:
47.8¢ Sentiment: None Disclosure: Not Held
