GDL daily 08/05/13
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This closed with a hammer at the symmetrical triangle support yesterday.
The RSI uptrend, which formed from a long term bullish divergence, also provided support yesterday and these two factors suggest a move up. The triangle appears to have 5 complete waves inside it which fits nicely with Elliott Wave Theory so it will be interesting to see what happens at the downtrend resistance which sits just under 26p today (falling daily).
I've gone long on this with a stop below the hammer low of 21p.
The RSI uptrend, which formed from a long term bullish divergence, also provided support yesterday and these two factors suggest a move up. The triangle appears to have 5 complete waves inside it which fits nicely with Elliott Wave Theory so it will be interesting to see what happens at the downtrend resistance which sits just under 26p today (falling daily).
I've gone long on this with a stop below the hammer low of 21p.
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