From my very limited chart reading capabilities, i can only see the next resistance level as being at around the 42c mark.
However there will obviously be some sort of resistance at 30c, i don't think it will be long before we find out if the market really didn't like the Macquarie deal, of if it is not phased by it
The issue i see is that Macquarie has a long time to take up there options, and i cant see this being a long term resistance level, i doubt the stock will trade below 30c for ever, just waiting for the Macquarie options to expire
If the SP flounders around the 30c mark, I think it is a short term sell, with a pull back to the 22-24c mark
If the SP powers through the 30c mark, My next target price will be 42c, I am concerned though that this will also depend on how strong the DOW is, If we can close at 29c on friday, and the DOW finishes strong for the week, watch out on Monday...........
should be some interesting days ahead
GMG Price at posting:
22.3¢ Sentiment: Hold Disclosure: Held
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