GMED where to next???
With Earnings set for 02/21 GMED looks to be chopping around at the key resistance line as indicated in red.
The support line short term uptrend has recently been broken, which indicates that price may push lower and chop around the current resistance point until earnings.
It is probable that price action will build up for a break out and push higher, especially after earnings. Confirmation of the RSI divergence and SMII upward push will give entrance. The double bottom, looks to indicate that there is strong support to push price higher.
Although the longer term looks bearish, GMED may be gearing up for a breakout! Keep an eye on price action at current resistance, with a push towards the upper resistance and a possible breakout.
The support line short term uptrend has recently been broken, which indicates that price may push lower and chop around the current resistance point until earnings.
It is probable that price action will build up for a break out and push higher, especially after earnings. Confirmation of the RSI divergence and SMII upward push will give entrance. The double bottom, looks to indicate that there is strong support to push price higher.
Although the longer term looks bearish, GMED may be gearing up for a breakout! Keep an eye on price action at current resistance, with a push towards the upper resistance and a possible breakout.
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