I posted 2 separate analysis on GCI-Poly to TradingView on Oct 31 and Nov 13. This is an update as there have been a nice price in our favour move since then.
As forecasted in the Nov 13 analysis, we expected price to continue on it's upward trajectory and reach the 0.272 Fib level (price of 0.53). What we couldn't predict, but not surprising though, is that price will blow right past this level with such ferocity.
To be honest, I was expecting price to react at the 0.272 Fib level (price of 0.53) for a small correction, which may provide more opportunities to add to my portfolio. I am one not to fall in love with any company, but I am impressed with how GCI-Poly 'train' has picked up speed in the last few weeks.
On a bigger perspective, and using the monthly chart, the price is still at the bottom of the valley in comparison to all time highs of 5.50 (01 Nov 2017) and 5.70 (02 May 2011) respectively.
My take away from this analysis:
- At these low prices, the GCI-Poly train is gathering enough momentum embarking on the steep climb to the 1.38-1.40 price level
- I will be adding to my portfolio with any dip in prices. There is a chance of this happening with the price gap (gap at 0.52 - 0.54) today 23 Nov 2020, which may need to be filled. The market may decide to ignore this gap for a while, or altogether, and just continue upward with the momentum.
- From here onward (price of 0.64 as at today 23 Nov 2020), there is no other major resistance until 1.38-1.40 price level, which dovetail nicely with the 0.786 Fib Level.
All the best folks.
As forecasted in the Nov 13 analysis, we expected price to continue on it's upward trajectory and reach the 0.272 Fib level (price of 0.53). What we couldn't predict, but not surprising though, is that price will blow right past this level with such ferocity.
To be honest, I was expecting price to react at the 0.272 Fib level (price of 0.53) for a small correction, which may provide more opportunities to add to my portfolio. I am one not to fall in love with any company, but I am impressed with how GCI-Poly 'train' has picked up speed in the last few weeks.
On a bigger perspective, and using the monthly chart, the price is still at the bottom of the valley in comparison to all time highs of 5.50 (01 Nov 2017) and 5.70 (02 May 2011) respectively.
My take away from this analysis:
- At these low prices, the GCI-Poly train is gathering enough momentum embarking on the steep climb to the 1.38-1.40 price level
- I will be adding to my portfolio with any dip in prices. There is a chance of this happening with the price gap (gap at 0.52 - 0.54) today 23 Nov 2020, which may need to be filled. The market may decide to ignore this gap for a while, or altogether, and just continue upward with the momentum.
- From here onward (price of 0.64 as at today 23 Nov 2020), there is no other major resistance until 1.38-1.40 price level, which dovetail nicely with the 0.786 Fib Level.
All the best folks.
