Stock Chart Analysis GES
Guess?, Inc. (Public, NYSE:GES)
GES has been trading an interesting chart recently. It has found strong buying in the $37 dollar level twice. The second time caught some bears by surprise and it was followed by a quick rejection of the $38 level, and then an NR7 bar. An NR7 bar means it was the narrowest ranged candle of the past 7 candles. This usually shows an equilibrium in supply and demand and can be followed by a volatile move in either direction. It looks to me like GES is getting ready to move higher but remains in a vulnerable spot under the 20 and 50 day simple moving averages.
Good Trading,
Joey
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Joey, GES has been on my short watchlist for a while. You're right, it just keeps going up. But after the recent split, I think when it starts to fall, it will make a great short.
GMO and URZ look great. Nice charts!
Woodshedder,
While GES looked to me like it was rolling over, that surprise move on 4/20 caught my attention. I don't know if it will break out or not, but if I were a betting man, I would guess that they at least attempt one which would work for me :) . This is the first time I have seen GMO and URZ but they do look intriguing. Thanks as always for the comments and feedback.
Joey
Looks like I missed my opportunity. I looked at it this a.m. and then forgot to check it later.
Woodshedder,
Yeah, when it dropped under the NR7 candle low, any long play was invalidated and in fact, it could of been shorted. I am still staying away from the short side here due to overall market strength and clear support at 37, but if it starts to trade sideways in the 37-38 range, then it could fall apart soon.
Joey