AI
Wednesday, January 14, 2009 8:55:16 AM
GIGM
Long term chart shows of course a reversal of the long down trend. It is a very weak reversal though. Volume has been very low. On the positive, that long lower shadow PROBABLY was a hammer bottom and long term the PPS moves up from here. The momentum now is certainly up. However there is resistance here at 7 and I would expect a pullback to $5. Then I would assume a move back up. I would wait for the next move up on (hopefully) much stronger volume to confirm that this is a new uptrend.
Short term (scroll down for chart) I read a chart that has equal positives and negatives so I would expect sideways from here or even a slight retracement to the lower end of the bolinger bands at about $5. This dovetails the long term chart.
So, summary: GIGM pulling back to $5. Then I would look for a reversal on high volume and if I see it I would call it a buy. Not here though.
Long term:
Short term:
Long term chart shows of course a reversal of the long down trend. It is a very weak reversal though. Volume has been very low. On the positive, that long lower shadow PROBABLY was a hammer bottom and long term the PPS moves up from here. The momentum now is certainly up. However there is resistance here at 7 and I would expect a pullback to $5. Then I would assume a move back up. I would wait for the next move up on (hopefully) much stronger volume to confirm that this is a new uptrend.
Short term (scroll down for chart) I read a chart that has equal positives and negatives so I would expect sideways from here or even a slight retracement to the lower end of the bolinger bands at about $5. This dovetails the long term chart.
So, summary: GIGM pulling back to $5. Then I would look for a reversal on high volume and if I see it I would call it a buy. Not here though.
Long term:
Short term:
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