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Sunday, October 30, 2011 5:05:17 PM
Annotated daily chart, with analysis and support and resistance points.
Very important to know how to read charts, and find support and resistance points, previous supports become resistances, and previous resistances become supports.
Supports
Supports are signaled with green, S1 being the first support, the closest to the actual PPS(price per share), and S4 being the last strong support.
S1 - The horizontal green line, connecting .396, .40 and several other points at .40, previous resistance, now support.
S2 - The double top at .36, previous resistance, now support.
S3 - .34, the MA50, one of the most important points in technical analysis.
S4 - .28, the PAR SAR, another one of the most important points in technical analysis.
Resistances
Resistances are signaled with red, R1 being the first resistance, the closest to the actual PPS(price per share), and R5 being the last strong resistance.
R1 - .50, a psychological point, with several candles with HOD slightly below, and one at .514, a previous resistance.
R2 - .54, a previous support and also resistance.
R3 - .659, a previous resistance.
R4 - .92, a previous support.
R5 - 1.00, a strong psychological point in any chart.
Analysis
This stock moves slowly, is not a stock to make big spikes, has broken the long term downtrend a few days ago, it will run, but, slowly, it will take a few weeks to test 1.00 again.
The RSI is near 70, the overbought zone, it may run further, but, not much.
The +DI is also near ADX overbought zone, not much room to run.
I think the stock will make resistance somewhere between .50 and .54, but, is also possible an intraday spike to .66 or near, with a pull back to under .54 - .50 and close at this level.
I am long in the stock, I have recommended it to my subscribers, and several clients of my private coaching service are also holding it, but, I will issue a sell recommendation at .50 - .54 or if we have luck, at .66 or near, as we are trading this, we are not investors.
GLTA
Very important to know how to read charts, and find support and resistance points, previous supports become resistances, and previous resistances become supports.
Supports
Supports are signaled with green, S1 being the first support, the closest to the actual PPS(price per share), and S4 being the last strong support.
S1 - The horizontal green line, connecting .396, .40 and several other points at .40, previous resistance, now support.
S2 - The double top at .36, previous resistance, now support.
S3 - .34, the MA50, one of the most important points in technical analysis.
S4 - .28, the PAR SAR, another one of the most important points in technical analysis.
Resistances
Resistances are signaled with red, R1 being the first resistance, the closest to the actual PPS(price per share), and R5 being the last strong resistance.
R1 - .50, a psychological point, with several candles with HOD slightly below, and one at .514, a previous resistance.
R2 - .54, a previous support and also resistance.
R3 - .659, a previous resistance.
R4 - .92, a previous support.
R5 - 1.00, a strong psychological point in any chart.
Analysis
This stock moves slowly, is not a stock to make big spikes, has broken the long term downtrend a few days ago, it will run, but, slowly, it will take a few weeks to test 1.00 again.
The RSI is near 70, the overbought zone, it may run further, but, not much.
The +DI is also near ADX overbought zone, not much room to run.
I think the stock will make resistance somewhere between .50 and .54, but, is also possible an intraday spike to .66 or near, with a pull back to under .54 - .50 and close at this level.
I am long in the stock, I have recommended it to my subscribers, and several clients of my private coaching service are also holding it, but, I will issue a sell recommendation at .50 - .54 or if we have luck, at .66 or near, as we are trading this, we are not investors.
GLTA
Cheers
Dr Pennystock
