In Retrospect: GLO

GLO

The support at 1390 was able to hold for GLO, after which the price gapped up on the first trading day. Price went up to as high as 1560 before closing at 1520 last Friday. The gap up formed an island reversal, however a word of caution though, the upward movements were accompanied with below average volume. Watchout for resistance at 1570 (Fib 50%), 1610 (Fib 61.8%). I expect further resistance in between 1610 -1700 levels as those price levels are areas where the price consolidated before moving down. Even with the recent upward movement MACD is still below the centerline and also below signal line, so playing with this stock should be a hit and run approach.