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SP failed to hold at $2.05, but had a nice hammer reversal off...

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graywolf

2,103 Posts.

184

21/12/18

20:34

Post #: 36940539
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Originally posted by graywolf ↑

The 5 min chart shows SP has bottomed at $2.05 for the moment. If it holds there today, light volume for the half day's trade on Monday should see it hold further as I doubt any news will be posted today or Monday to push it around significantly. Also, there's no reason to think it will go sub $2.00. For a stock like this with daily movements around 5-20 cents, a bottom of $2.05 isn't much different to the $2.07 of 30Oct18, which would mean we could call it double bottom and move on upwards from here. Your call is a valid as mine, so let's see what happens at close of trade today and then, if my prediction is right that it will hold here, let's see what happens in the New Year, as it won't shift much between Xmas and NY.

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SP failed to hold at $2.05, but had a nice hammer reversal off $2.02 ($2.00 is the most recent clear support level). In the absence of any untoward news, it may well bounce a little on Monday, though volume will be light.

GXY Price at posting: $2.07 Sentiment: Buy Disclosure: Held
11 Upvote

0 Great analysis

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