John, thanks so much for chiming in on this arcane, often under-appreciated, often misunderstood but often highly lucrative subject. I was hoping that my half-baked, feeble (and somewhat facetious!) attempt at technical analysis would draw you into the discussion :-) . . . hope you got a chuckle out of it and seriously, thanks for the very informative update on your reading/assessment of GMGC's chart at this time.
I've always been fascinated by charting, TA, P&F, etc., but never had enough time to seriously study the profession. I've spent my whole career on the fundamental analysis side of the market (often to my financial detriment!), but will be paying a lot more attention to the technical side in the future (including charts, relative strength, earnings momentum and price momentum).
Looks like we're getting very close to filling that gap back on 1/16-1/17 that you referenced (thanks for pointing that out – I missed seeing it on the charts), and maybe then we can get on with the business of closing above that formidable 50DMA overhead resistance (agreed – it's very important and has had uncanny accuracy in calling major trading moves in GMGC), now hovering at slightly above the $2 1/2 level if I read things correctly.
And thanks for rescuing me regarding the flag vs. pennant discussion (clearly, GMGC's in a pennant formation, not a flag) . . . both are flying high at our local baseball stadium which I attend frequently, so you'd think I'd know the difference by now!
Lastly, while I haven't met Mr. Chaikin yet, he must be a good friend of yours (having profited you so much in the past), and so I wish him nothing but the best in the future and hope that his oscillator keeps on functioning normally! :-)
I'll sign off now, since you're probably beginning to blush from all the accolades, and let you get back to work.
Happy trading to you, too!!
ea
P.S. Where do I send my check for the GMGC chart lesson – to your home or office? (I know, this one's free, but the next one's gonna cost me, right?!! But that's okay – I'm sure the profits from the advice will be well worth whatever you charge!!) |
