That channel is restrictive(tight). Not unusual for a short term move. Many times stocks will find support at 5/10 dma, run to a higher point(top of the channel), then pullback to 5/10 dma which is now higher and then hopefully come up again for a new high. Once that channel gets broken the short term uptrend will be over. Stock will pullback and then probably consolidate before another move up.
You are right, it did punch through the upper channel line BRIEFLY. What does it mean? Stock got overextended and pulled back quickly into the channel. At times stocks do break support/resistance slightly and then reverse back up like it happened here. Had it broken out of that channel for good most likely a MONSTER move would have followed same as it would to the downside.
50/200 dma crossover is looking very nice. The 2 averages should offer good support when GZFX pulls back. Good support areas to look to buyback for those that took profit on the way up.
What do I think about a potential breakout here? Well stock is in a breakout right now. The question is will it continue? IMO it still has some upside left. As I stated earlier I was looking .03-.035 or .05 area for GZFX to top.
Do I think people buying here will be buying a topper? Depends on their objectives. For someone trading long term this is probably not a good spot to buy. After topping out this will probably pullback to 50/200 dma area before finding support which is well below where we are trading now. For someone playing this short term its a different story. Stock is right at the bottom of that channel which is offering good support. Break below bottom wall would signal a sell which woudln't be much of a loss from these levels since a stop would be very tight. So short term risk/reward seems to be good.
I am not betting the downside here either. In fact I am expecting another move up and I hope people take advantage of it while it lasts. If I came here posting this after a stock had already topped I wouldn't be helping anyone would I?
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