After retesting its trendline on the open yesterday, GNSS advanced quickly to its next pivot point ($21.05) in early morning trade. We have a few more pivots to overcome before we can break last week's high as follows: $21.05, $21.50 - 21.75, and, finally $22.00. Resistance levels above $22.00 are clearly marked on the chart above. The chart technicals are still strong and Friday's candle managed to to retrace more than 50% of Thursday's bearish candle so it appears that support will hold and we can look forward to more upside price movement soon.
Saturday, February 25, 2006
GNSS - Classic Retest of Trendline
After retesting its trendline on the open yesterday, GNSS advanced quickly to its next pivot point ($21.05) in early morning trade. We have a few more pivots to overcome before we can break last week's high as follows: $21.05, $21.50 - 21.75, and, finally $22.00. Resistance levels above $22.00 are clearly marked on the chart above. The chart technicals are still strong and Friday's candle managed to to retrace more than 50% of Thursday's bearish candle so it appears that support will hold and we can look forward to more upside price movement soon.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment