Glucose Health Inc. (GLUC)

[Altitrade Partners]

Glucose Health, Inc. (GLUC) Marches To Another New High On Expanding Volume. Could There Be More Upside To Come?

As any stock market technician will tell you, a stock making new highs on increasing volume is a very good sign.

It shows that not only are more buyers attracted to shares as volume expands, but that those buyers are willing to pay up to own shares as fewer and fewer sellers are willing to provide ample supply to meet the growing demand.

As the above chart shows, over the past two days GLUC has made consecutive new 52-week highs on increasing volume each day.

This oftentimes indicates that volume is the driving force to push shares higher. You may have heard the expression used in technical analysis that "volume always precedes price".

As long as new buyers are in abundance, and are willing to compete for price, eventually shares should reach new higher price levels.

The level that we would keep an eye on is the old record high of around 0.50 cents set back in the summer of 2016.

That area may provide some resistance, as those who bought at those record high prices will use the opportunity to get back to even after painfully holdings shares that they have been underwater on for almost 15 months.

It is interesting to note on a 2-year chart that the of that record high came on very limited volume. That made the move suspect, and, as one can clearly see on the chart, it did not last for very long.

The current run-up in price has strong volume behind it, which indicates that the move may be more sustainable.

The other thing to take into consideration, is that there are currently no shareholders who have purchased shares during the past 52 weeks that are showing a loss.

That kind of psychological advantage empowers shareholders who have profits, and makes them reluctant to release those profitable shares to new buyers.

This type of psychological advantage will persist until one of two things happen: First, the price reaches a level where the inclination for longs to take profits is just too great, and/or second, volume will begin to wane as fewer new buyers enter the arena to compete for the now over-priced shares.

For now at least, we don't see either of these scenarios in the price/volume action of GLUC.

Could even higher prices be on the horizon? We think so.