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August 13, 2009 / Jeb

Morning Stock Pick General Moly (GMO) About to Breakout.

Saucer patterns is a chart reader’s dream.  GMO is one of the best charts I have found.  The price volume action is excellent.

These patterns occur when supply and demand are very stable and neither the buyer or seller has the upper hand.  No news, no permits, no buyouts, all is quiet.  High volume coming in means some deals are being made and something will eventually hit the wires.  Those volume clues gives me the signal where GMO is headed.  Look at the high volume coming in to push this stock out of the saucer and the low volume at the bottom of the platform pullback.  It is really an exceptional classic chart.

The advance from these type of formations are great and could lead to huge gains.  I will take another position as soon as GMO hits $3.  From my calculations it could be imminent.

GMO

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2 Comments

Leave a Comment
  1. Bjarne Kvamsdal / Aug 14 2009 12:33 pm

    HI
    I bougt my first GMO today but it goes to hell!

    • Anticipate Opportunities / Aug 14 2009 12:42 pm

      Let’s see how the market closes be patient.

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