I'm posting my second idea on Gfinity. I feel the first lacked the proper quality and did not tell the story as I had in my mind.
Please let's start over.
We can see there is a clear uptrend from March 20. We can see the share price almost zigzags along said trend.
We can also see the high on 26 Jan 21. I'm unable to have RSI set up on my chart but at this point it is at 77, suggesting overbrought, or upward momentum.
Onwards, we can see support was established at 4.7 to which eventually broke, particularly today where the SP fell >8% on relatively high volume.
However, the next couple of days will be crucial, as we may see a repeat of the previous bounces against the positive trendline support. Using the Fib retracement, I expect some pullback to 4.8p. If the bulls play, I have a target price to roughly 7.5p afterwards.
If the positive uptrend fails to hold as support, then this could be a bearish signal, as it will be the first time the trend does not hold.
Let me know your thoughts.
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This is still going. Sure, price has broken green uptrend, however there has not been a confirmation or continuation of a downtrend. It could be confirmed today. We'll see. Would be a shame though as I thought this stock could be valued higher.
I still believe in the company however, so could be a good opportunity to buy if you believe also.
(NB, why can't I update the chart?)
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Major breakout. Bullish. Go long. (Or buy)
MACD crossing and positive.
I did not want to spam TradingView with Ideas if no-one is commenting. And it doesn't seem possible to provide a chart update here which is weird.
Short term target 0.786 Fib level, then 1. Let me know of your comments.
Please like and follow if you agree. If not, leave a comment. Thanks.
I see it carried on down your down trend line, but then up to exactly bounce off your up trend line - You appear to have this correct. I hold long, but I'm being tested by the falls, your charts helped reassure for now, but unless it bounces back up soon, I fear the downtrend my be confirmed. I think news is due by the end of the month, interim update, might give it the push it needs
nlh7388
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@Hubster0007, Hi thanks for your comment :) Frustratingly the retracement only lasted for a few days without a new High High but a Low High, so by definition we have a trend reversal. Could see more new low highs and low lows, however let's see if support holds at about 3.9p zone.