GERI consolidating inside a triangle

While GERI is consolidating, it seems it is moving inside a triangle after its ascend from 1.22 per share. If indeed it is going to move inside the triangle then we may see GERI to hit resistance around 1.91 or 23.6% Fibonacci Retracement level and come back to its support line and continue to move in this fashion until a break will happen. Although this type of triangle is considered bearish, there are times when the break is from the resistance line. In case that will happen, we will see GERI to hit 2.4x level which is also what we are seeing in our weekly chart

RSI or Relative Strength Index is currently at 54

Caveat!

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felix

A computer engineer by profession and loves to develop online systems/websites. A self-taught stock trader who loves to share his knowledge and enjoys learning, expanding knowledge and staying well-informed. Most often he uses candlesticks, Fibonacci Retracement levels, Ichimoku system on his technical analysis but loves to hear some rumors as well.

One Response to GERI consolidating inside a triangle

  1. […] breaking from the triangle (GERI consolidating inside a triangle), GERI is taking a breather. Last two trading days ago, it fell by 3% but half of it was recovered […]

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