Robert,
TA on GTIS as follows:
Today, substantial volume to the upside, with a strong close, approaching resistance at 8 3/8- 8 1/2. As of yesterday's close, the Williams %R was ~74%, indicating that the stock was moderately oversold. The DMI gave the sell signal on 3/2/98, and a bearish downturn was observed, however, should the stock continue to show strength tomorrow, a buy signal will be generated in 1-2 sessions. Stochastics are peaking, a forward indication that the stock is nearing shorter term secondary resistance levels. With regard to the exponential moving averages, we see a convergence of the 7 & 10 day EMAs at ~7.4 while the 10 day EMA is coursing above the longer term 50 day EMA which is a good sign. There is reasonable interest in the stock (hehehe) given the strongly positive OBV. The MACD broke the bearish trend on 2/18/98, however the stochastics would be historically inclined to repeat the bearish pattern of October 1997
should the stock have a weak session tomorrow. These are contradictory indicators, which is to be expected, "Avoid multicolinearity". :) Bolinger Bands have converged, so the stock will most likely go higher, however, we will need to see some positive momentum in order to effect a successful shorter term rally in the stock.
My impression would be that if GTIS can hold support at the 6 7/8 - 7 level and reconfirm support there following profit taking on the action today and tomorrow, we might see an attempt to break the 8 3/8 - 8 1/2 resistance level and move higher. Should the volume dissipate prior to this attempt, I would consider that a good exit point, and then wait for reentry at approximately 7+ following a retest of support on the downswing. If the volume is maintained, it might even break the mid 8 resistance level tomorrow, in which case, a strong close would bode well for a rally above the next resistance which is at 8 3/4 - 9 1/8. Weak volume or a close near the daily low would again be a sell sign. You would think that there will again be some profit taking very shortly in the market as a whole given today's record breaking move...so use to your advantage! :) Please also bear in mind that most stocks will move with the market pulse, though there are exceptions to every rule. So, should this bullish run continue with the NAZ, you would expect a dog to perform better! The real test will be to see if GTIS can respect support at the 6 7/8 - 7 level during an overall market sell off. If support here were to be broken, it should sell down to the 6-6 1/4 level. In either case, should we observe the expected technical bounce, I might just buy some for a quick point or so. [GASP!! Only a trade, so don't lose your shorts over this, everyone...I'm a trader...]:) "All stocks are bad stocks." Use 'em and abuse 'em, then lose 'em. (My motto for men, as well.)
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LMAOBT! Just trying to keep in 'character', given that comment about me wearing skin-tight black leather...hahaha
Sorry to have interrupted this information packed thread with off topic chat. <ggggg>
Feel better, everyone?? Always glad to help...over and OUT. ;)
xoxo,
V.
P.S.
"I am not advising anyone to buy or sell this stock...blah blah blah...so the above analysis is strictly "FOR FUN"." GOT IT?? Tee hee hee |
