GDN 0.00% 1.7¢ golden state resources limited

buy side rebuilding for another run?

  1. 749 Posts.
    After this morning's dip in the SP, buy-side depth for Golden State Resources has bounced back strongly with offers currently well above the sell-down point.

    From a chart perspective, these failed lunges at the breakout point of .052 only serve to give this resistance level added significance for when it finally does succumb. It's like a bicycle pump working on a blocked valve. When it does suddenly clear, the accumulated energy drives the SP upwards very rapidly (see chart history).

    In the middle of a strong gold up-trend (the small pull-backs in the POG that occur intermittently do not detract from the general upward trend IMO), that breakout point may not be far away. Alternatively, an announcement could break the log-jam.

    An interesting time to hold but this stock is not one for the impatient. Conduct your own research. I hold.

    Good luck to all,

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