Uptrend confirmed?
Let's hope so,nothing is carved in stone.If you look at the pullbacks since GWPH started its rise back in November the pullbacks have been from 15 to slightly over 22-23 % give or take a few % points.Although not scientific it does give an indication that this pullback should be about over since nothing has fundamentally changed and the company is moving forward in a positive manner.
As well every pull back dropped below the 10 day moving average for between 3 and 10 days ,this one looks like about 6.The last 3 also bounced at or near the 20 day which we are slightly above that now.The very last pullback actually went through the 20 and bounced off the 30 day moving avg.
The PSAR (parabolic stop and reversal) is still showing it in a down trend and has not reversed but that is a lagging indicator ,so by the time it reverses a stock has already began its move in the opposite direction,obviously in this case that would be up and not down.
The slo stochastics are at the bottom of the range right at/near 20 which is your oversold line,80 being overbought,it was above that at the top of the last run at 86+ a share.
Volume has been steadily decreasing so we're running out of sellers.
My best guess is it turns up from here but I could be wrong and if it doesn't we could get another flush into the 60s' which I think many have been hoping for,if it does I'll try and buy more if I can.We don't have to have a strong capitulation/flush out for this to head back up though,but is always a possibility.I can't see if there are a lot of stops sitting at 70.00 or so but you can bet the market makers can and if they want to they can swoop in and grab some shares.I wouldn't be surprised if that happened,but looking at everything I see we have more indicators that the selling is done than not,except for a share grab by the market makers to replenish their supply for the move up.
The market is notorious for handing you something you didn't expect ,especially when you think you have it figured out! I'm not going to say with conviction which way I think it is going but hoping for a move up at this point based on everything I am seeing.
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