Below is a sensational setup!
GBG has obeyed some rock solid technical rules and is fast becoming a favourite of mine!
Technically: Recent 50% Fib. retracement is text book material! I am hoping it holds (nothing guaranteed), but 61.8% kicks in around 55c for additional support, plus a multi-year support trendline if lower levels are visited around 52c!
Not saying it can't go lower - it can if it is pushed that way, and I expect it will be choppy around the 60's and early 70's. However, a push through that double top (~78-79c) will ensure some nice future moves north for GBG later this year!
Fundamentally: Share price 61c. Market cap. (fully diluted) $266 million. NPAT (08) $14.2 million, (09) $41.5 million, (10) $173 million. Valuation of +$1. Source:Hartleys Broker Note 24th of Jan 2007.
http://www.gindalbie.com.au/files/broker_reports-75-070124_Hartleys_January_2007.pdf
GBG is looking at some serious growth over the next 2-3 years.
Happy Trading! Feel the Bourse!
