With the quarterly due any day now it’s very positive to see today’s big move. The volume was average which takes away from the strength. But nevertheless the market does tend to signal the news flow particularly with GCY (massive selloff before cap raise Ann.) so a +17% move “could” indicate a positive quarterly report.
From a price technicals standpoint the action looks likely to be forming a bottom at these levels. With this heavy volume these last few weeks after a big fall in the .60 level to 0.24ish seeing huge volume at the bottom of the move IMO is a classic bottoming formation.
As much as I’d love this stock to shoot upwards to its real value from a technical perspective it would be ideal to see some sideways consolidation for the next few months. The chart has taken on some serious damage and to form a solid base for the next move up would be ideal.
I think the worst is behind us for now. If the quarterly has a glimmer of positive news this stock will catch a decent bid.
GLTAH
