[ GMGC ]
Hi Susan,
"... I usually buy the downtrodden ones.... "
I'm glad to see that you're gaining a greater appreciation for the trend. Regarding GMGC, the intermediate term trend continues to be strong from various perspectives. Momentum is in danger of flattening though.
Short term, I'm taking a cautionary stance, as it failed to break through the previous high on 5/6. Such a development makes this look like a double top, a bearish sign. The price is also below the 9 day moving average, which is always a concern for the short term.
The most recent candle resembles a Spinning Top, a candle that signifies indecision much like a Doji. Since this comes at decline, the implications are more on the bullish side, but confirmation is necessary. This Spinning Top has occurred at the trend line.
To add to this, based on a new indicator I'm tinkering with, it hasn't been this oversold short term for all of 1998. The last time it happened was 11/25, and next closest was on 10/27. We'll see, as it is still in its experimental stage.
Hmm...I guess I'm as undecided as the Spinning Top. I'll vote when the market makes a more convincing move in either direction.
Regards,
Rainier |
