maybe...just maybe...we are ending a pullback in a longer term...

maybe...just maybe...we are ending a pullback in a longer term uptrend. The rise from early December has been sharp in IO stocks generally and it is funny how their charts are all pulling back more or less in sync with each other. IXR, which I hold a few of for the nickel is still considered by the market to be an IO stock because of Cairns Hill...yesterday it very neatly touched the 50 day ema, which is also an exact 50% retrace on the run up....it has since bounced. Likewise yesterday FMG bottomed at exactly the 50day ema which also happened to be an exact 50% retrace....it also bounced today. GRR has been moving down in concert with GBG. Today it stubbornly stopped 0.5c short of the 50 day ema but it was bang on its 50% retrace line.

GBG's 50 day ema is currently at 29.5c and the 50% retrace line is at 28.25c so a close today at 29c is in the middle. Come Monday GRR and GBG may follow the lead of IXR and FMG who bottomed yesterday and bounced today.

Why the market insists on returning to fib lines and moving averages and why it is obsessed with filling gaps before continuing its prevailing trend I cannot say. I do know that the market suffers from OCD and its logic is sometimes like that of an escaped psychiatric patient. This is probably because the market is run by humans....