Diver, we now have a war going on in GRNO..We have a small rectangle pattern with the base at 5.50 and top at 6.75...We should see volume dry up at these levels...If it does, we are safe..It tells me sellers are done...Then, the stock should rebound back toward the top of the rectangle pattern...However, if we get more volume and the price heads south, and we break 5.50 at the close, a trip to 4.25 could be in order.....That is the farthest I see this stock breaking if we have some big selling...But I will tell you, if that happens, I will be backing up the truck and buying..I have been studying my oscillators for a sign of a bottom..Syd, double check, but the score stands at 3-2 in favor of 5.50 holding..
1.Price Rate of Change
2.CCI
3.Momentum
These three indicators are showing a divergence..In other words, enough is enough for downside...
However, 2 of my favorite indicators are still saying more downside...
They are the RSI and Ultimate Oscillator...What do you do when there is a toss-up? My guess would be more sideways action, with a bias toward the upside...
As everyone knows, we are extremely oversold..My stochastic oscillator is at 15...A move above 20 and we are out of this mess...
I have been monitoring this thread, but since the stock looks sick technically, there just hasn't been anything to say...Daily, I am looking for signs of a turnaround...Hopefully, it will come sooner rather than later...
Regards to the Faithful,
Mark |
