In Retrospect: GLO, EDC, MBT

GLO

GLO gapped up on the first trading day last week with above average volume. However on the following day, the stock was sold down with almost the same volume as when it gapped up. On the succeeding trading days, the stock was sold down. This just implies that the stock is not yet out of consolidation. The good side of this stock technically is that the MACD is still above the zero line and above the signal line and the 3 MA’s are in its bullish order, so this stock is still bullish for now even if it is still consolidating. Another good thing about the stock is that it is still able to close above the resistance-turned-support line. The crucial part for next week is observing if the stock will still be able to close above the resistance-turned-support line at 1530. The not so good side of this stock is that it has been in consolidation for around 4 months. Next support levels are at 1520, 1495, 1475. If you intend to trade the range for this stock, a good buy will be near support at 1495-1475 and sell at around 1600, this will give you a good 5-7% net profit.

EDC

The resistance line at 6.30 was able to hold the advance of this stock, so this means the stock is not yet out of the downward move. It is possible that this stock is now starting to consolidate between 5.50 and 6.30.

MBT

No break-out from the falling wedge for this stock. The price movement just went sideways. The volume on the sell down on Jan 31 was just equaled with the volume on the gap up on the first trading day, but the succeeding trading days that followed had lesser volume. The bullish divergence was formed, but there are not enough other good indicators to back this up. Still, watch out for the downward TP of the H&S at 31.