Greetings Trader!
Loosen your collar and turn on the fans because a look at the Global Resource Energy Inc. (GBEN) chart may get your “mercury” rising.
Down here at a little over 1 penny a share, GBEN has definitely seen better days! But recent action gets me thinking it’s getting its balance back.
Check out the rising lower trend I marked for you starting on July 12 and leading up to Friday’s closing print.
With the daily highs bouncing at $0.013, those climbing lows give us a classic ascending triangle -- what the technicians call “a bullish chart.”
Any convincing move above that flat top line spells BREAKOUT, turning resistance into support and giving traders a chance to go long!
And since GBEN closed right on the line Friday, even a waggle to the upside when the bell rings tomorrow could light plenty of firecrackers.
Recent volume has been on the quiet side, but that’s par for the course during a consolidation cycle.
With the right set-up, GBEN has been known to move millions of shares in a single day, sometimes rising 40% or more on the rush.
Volatility spikes just like that are the reason I keep coming back to penny stocks!
Take the July 2-8 upswing as an example of what GBEN can do.
With nearly 6 million GBEN shares turning over, that 175% move still translated into real money even though price never even made it to 3 cents.
The opening ante was absurdly low. Any trader could play. And with enough muscle on the move, the pennies added up fast.
GBEN is in position once again to make that kind of fun.
I’ll be back in the morning to remind you and even provide some background on what exactly this company DOES!
See you in the Chat Rooms!
- Stock Analyzer
