Jon Zachary
I fully agree with you that breaking above and sustaining above $100 would signify a consolidation breakout. It goes without saying that it should also be on heavy volume. A feature from Securitytrader.com (free samples daily) was one of the reasons I went long on this, from the technical side.... they have GNET featured as a long term hold, and should the symmetrical pattern be resolved to the upside, the first pattern measurement is $140.
CMGI nice comparison, take a look at a chart of INKT as well, look at the similarities. VERY similar chart to GNET, the diff. being INKT has broken out. Those do, however, especially CMGI, have the volume fuel and institutional support. Anyways.
The longer it goes on though, the less significance the pattern may have, and obviously from my posts you may have gathered that I am concerned that it may have trouble getting back to the vaunted triple digits! My skittishness partially also derives from putting too much into this, never having been ahead except for 5 minutes, and being down more than a large portion of the population makes in a year. NOT fun, but not the first time either unfortunately. Feel like gluttons for punishment sometimes.
Thank you for your charts, and your time posting. |
