Im a little confused because usually head and shoulders this visible cause more damage than this;
But there seems to be heavy support on the weekly chart at the low 20.XXs;
My gut tells me there should be a bigger drop than that, but if we go simply by the chart, there should be a bounce at the blue line. If it does, crops below that blue line though, then...
Looking at sentiment and earning coming, my thoughts is that GNTX is going to do a double bottom, then the rest will be history (in the future, weird).
Take breakout neckline or wait pull back ... this is uptrend, so play it bullish make sense.
My thoughts, do your own DD and mitigate risk!
During CES 2018, I was on a mission to hunt down companies that exuded a sense of advancement, foresight and trend setting. Gentex was one such company that I'd never heard of, but given their gorgeous expo display, helpful reps, consistent crowds and the shiny Land Rover sitting idly by, I had to investigate. They are an absolute market leader in rear view mirror...
$GNTX Weekly rising wedge. Strong support above 200 SMA while dips just below 50 SMA. Potential for a bearish entry around $22 - $25 range. RSI making lower and/or equal highs but, looking decent for now.
Turns out my first analysis of GNTX wasn't wrong... it was just part of a bigger plan.
Im Still bullish on the stock, HOWEVER, I am bullish for reasons NOT explained prior to their earnings.
Fundamentally their earnings report wasn't bad, it just missed the EPS analysist mark by 1 cent....sending GNTX down to what turns out to be a HUGE magnet level. If I...
In retracement territory, have found a channel of resistance WITH a bullish divergence nearing oversold territory on the RSI.
Channel breakout to start another uptrend.
Next earnings (most likely) July 20th.