GNT seems to be consolidating, and has definately broken through the bearish momentum on 8/20. Since then, there has been some major consolidation. The general trend is breaking upwards, but it has several areas of resistance to break in order for us to consider this a serious long.
It has already broken through almost all fibonacci retrace levels, therefor we cannot trade based on fibonacci theory. However we can use trend lines and pattern to find resistance lines and support levels.
With recent breakout, we retraced back to fibonacci level of 78% and resistance held and is breaking it down. If GNT consolidates and attempts again, we may see a stronger movement.
Wait until a clear breakout occurs to buy, or if you already have, hold onto as it seems to be near bottom of channel.
It has already broken through almost all fibonacci retrace levels, therefor we cannot trade based on fibonacci theory. However we can use trend lines and pattern to find resistance lines and support levels.
With recent breakout, we retraced back to fibonacci level of 78% and resistance held and is breaking it down. If GNT consolidates and attempts again, we may see a stronger movement.
Wait until a clear breakout occurs to buy, or if you already have, hold onto as it seems to be near bottom of channel.