GMT price surged beyond the confines of its downward channel pattern, buoyed by a bullish divergence indicated by both the Relative Strength Index (RSI) and the Awesome Oscillator (AO), potentially paving the way for an upward rally.
GMT price broke above the downward channel pattern. Technical analysis shows that GMT has formed a bullish divergence on a momentum indicator. A daily candlestick close below $0.184 would invalidate the bullish thesis. GMT price surged beyond the confines of its downward channel pattern, buoyed by a bullish divergence indicated by both the Relative Strength Index and the Awesome Oscillator , potentially paving the way for an upward rally.
217, its 50% price retracement level drawn from a swing high of $0.249 on June 3 to a swing low of $0.184 on June 12. The RSI and the AO support this bullish thesis. The lower low formed on June 12 does not reflect the RSI higher high for the same period. This development is termed a bullish divergence and often leads to the reversal of the trend or a short-term rally.
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