Gene, I am just trying to present some TA without telling if I am buying or selling....Yesterday I presented some negatives...And yes, those divergences with price do call for a pullback....Further, the law of averages on an upslanting flag pattern does many times portend a downturn...You saw the same pattern recently in Getty Copper, V.GTY....What concerns me about this run is the low volume....As I mentioned the other day a Zeevian principle, "Low volume rises are always suspicious on the upswing, but not in the first 50% retracement of a downmove, from there on it must have gradual volume expansion." So if we study, GPGI, we should see volume expansion after the 2.62 level...
Here is a volume report:
20 day=46,315
10 day=44,010
5 day=56,580
3 day=53,566
You could argue that there has been some volume expansion, and you are right, but for a bullish upmove we should be seeing a greater expansion..
Now not all is black....The Trix and Moving Averages issued at buy at 2.87...The +D1-D1 had a crossover buy at 2.53...The Commodity Channel is bullish at 137 and so is the MACD at 0.1057 by 0.0716....
However, when I am studying an upmove, I am quite dependant on my Oscillators to give me an early clue of where we are headed....
Best wishes to all the GPGI faithful...One of these days, we will get there.....Regards, Mark |
