GBG - Will It See $3.00
There has been suggestion that GBG (Gindalbie Metals) will be a company worth $3 to $4 a share, in the future. The stock has not traded at that price previously so Technical Analysis cannot support that. In saying that there is a high probability the stock will reach previous highs.
Looking at the weekly chart for a medium term view, the first thing to note is GBG is now making Higher Peaks and Higher Troughs. This indicates the buyers are in control and pushing the price action to new highs. However at $0.95 there is weekly resistance that is yet to have a closing above it in 12 months and also a 12 month down trend line forming a Symmetrical Triangle. This area of congestion suggests some confusion to the market at the moment.
Should $0.95 be clearly breached the next major resistance level is $1.87 and GBG will likely reach this. And this is the higher probability scenario at the moment. However should support at $0.70 be broken the sellers have gained control once more.
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Tags: peaks and troughs, Stock Market Guide, symmetical triangle, technical analyisis, Trading Stratagies
