GSS Energy chart looks interesting (19 Nov 15)

Due to time constraints, below is a brief chart view on GSS Energy’s chart development.

Based on Chart 1 below, GSS has been hovering around the key support $0.095 for 4 trading days before closing at $0.101 yesterday. This is a positive development. OBV has been rising since 16 Nov and it is just 7% lower than its all time high OBV. RSI and MACD are strengthening. However, ADX remains weak at this time.

Based on my personal technical view, it is likely to be pretty bullish if it can breach the key resistance of $0.103 with volume expansion and on a sustained basis. A break below $0.095 on a sustained basis is negative for the chart.

In conclusion, although GSS’ chart looks a tad positive, it has to breach $0.103 with volume expansion and hold above $0.103. Near term supports are at $0.095 / 0.089 / 0.083 . Near term strong resistances are at $0.103 / 0.120 / 0.125. Against the backdrop of an easing Singapore market (stay tune for my market outlook this weekend!), GSS may not be able to exceed $0.120 – 0.125 in the very short term.

Chart 1: GSS has been hovering around the key support $0.095 for 4 trading days