ScotianBot

Descending Channel for GMG?

Long
TSXV:GMG   GRAPHENE MANUFACTURING GROUP LTD
GMG has been on one hell of a ride, I've been holding this company since before the halt when it was CUSPIS Capital, unfortunately, I sold a majority position way too early once the halt was lifted after nearly 6-7 months.

It appears as though the share price is consolidating into a Descending Channel on a log scale chart and more of a falling wedge on a % gain chart, either way, GMG will need to breach the downward sloping resistance and turn it into support to negate continued bearish momentum.

If support is lost on the pattern look for support around the price ranges where I've placed horizontal red lines which display some previous areas of confluence.

The Williams Alligator is showing bearish strength at the moment, ideally, you want the lines of the Williams Alligator pointing upward which typically happens after a bullish cross, this happens when the green line crosses over the red line upward.

On the DMI there is a bearish cross where I've placed the downward pointing arrow.

In the upcoming week, the DMI looks prime for a bullish cross.