Globalstar: At the start of a New Impulse Higher

Globalstar, Inc. (NYSEMKT:GSAT), after a big price-volume surge in mid-December, pulled back a little this month, creating a falling wedge formation. The upper-line of that pattern was broken Monday on volume expansion.

This was a very good sign for a continuation of the trend, and I am looking for a retest of the recent highs around the 2.20 area.

Daily technical indicators have corrected overbought conditions and are turning up from neutral areas, which could be a signal of a new impulse higher.

The next major resistance is around $1.86 and break above confirms the trend reversal, a jump till $2.20 is possible.

This is a guest post by  António Costa, acclaimed trader and the popular author of AC Investor Blog.  All views and analysis belong to the author.

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Comments ( 1 )
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