OTCPK:GBGPF - Post by User
Post by
MartialArtson Feb 08, 2018 8:54pm
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Post# 27530712
Very impressed we ended green but concerned about markets
Very impressed we ended green but concerned about markets
The $SPX and $INDU didn't confirm a bull trend post bounce. That's an issue.
But, the $TSX is seriouly oversold conditions with an RSI of 14 on the daily. But without confirming a 1 hour higher high and 1 hour higher lows on the candlesticks we are in "pain territory".
We're in for either pain if you are fully long or a setup to provide more buying opportunities if you have taken profits and a cautious approach.
I started rebuying here in the $34 & $35 but only because this will likely be a $40 stock once the wider markets decide to return to the longer bull trend. But I would not be surprised one bit that I overpaid on the short term. And in reviewing the longer term charts, and the current late day selloff, I might have to cut my loses. Fairly small but it aways hurts.
The daily charts are oversold, the monthly charts on the TSX and other indices are starting to look like a "stay in cash" type of signal. The trader in me says "it will bounce", the investor in me says "wait, cash is safe, you can rebuy cheaper".