GLP

GLP: Chart is neutral. Prices broke out of previous downward trend channel on 22 Jan but subsequent weaknesses, indicated by ( i) failure to break previous high ($2.64 on 26 Nov), (ii) failure to clear resistance at 38.2% Fibonacci resistance level and the subsequent impulsive downward movement, as well as (iii) tapering positive momentum on MACD chart, all suggest the positivity may be short-lived. We expect large range-bound trading between $2.39 and $2.61 while awaiting further signals.