GLB 0.00% $1.35 globe international limited

globe int double bottom, page-4

  1. 4,634 Posts.
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    Sorry for the slow reply RM. The fault with that formation lies with the successive lows. As there are clearly three troughs from the first base it resembles a triple base closer than a double. You also have a scattered decline from December highs, this doesn't void the formation however it does weaken the strength of any likely run quite dramatically.

    The main fault to the formation is the series of three lower lows, strict definition of a DB does not allow this.

    These lows are also your first warning sign of serious trouble. As you're aware no DB is confirmed until a breach or preferably a close above the break line. I doubt very much if this stock will ever breach the break line. Give it a chance to run however there is a high probability of a failure with more downside to come, keep your stops well above the last low.

    Cheers
    Sean
 
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