A highly bullish technical trade alert has been issued on Generex Biotechnology Corporation (NASDAQ:GNBT) on the even of the N.I.C.E. conference news. The company was recently introduced on our website as one of the most undervalued biotechnology companies of the early 2010 year, keeping investors glued to the screen as they await any new developments. Within the next few days, the company should release a handful of key updates, which could potentially propel the stock’s price to retest the 0.7 resistance
Taking a look at the chart, it is easy to see why technical analysis fans might call this a ‘lucky break’ type of investment, and there’s a number of reasons to validate that terminology. Firstly, the all important Relative Strength Index (RSI) has positioned itself in an upward trend, making a move past the climactic 49.79 level, representing that the stock has a neither overbought or oversold sentiment in the market. Next in line we have the MACD divergence which is beginning to turn and trend upward, followed by the Full Stochastics which is bouncing off the key 18.50 bottom further verifying the bullish indicators. Most importantly, we notice the volume bars marked by the green, and the red bars which represent the sell orders. As we can see, the fewer green bars outweigh the many smaller red bars, indicating a long-term bullish pattern, and further confirming that the recent decline was a simple consolidation, perhaps an indication of longs taking profits.
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About Michael: A young and savvy, yet experienced and accomplished investments mogul since ‘01; Michael has amassed a fortune as a private self investor. Recently starting his own successful blog and turning it in to a corporation — MIV Investments Inc., a company offering advice to thousands of people worldwide and attracting contracts from various reputable sources. His articles and publications have been linked to Forbes, CNN Money, Reuters, Bloomberg, and many other top worldwide mainstream media sources. |
