That's my T/A take on things without as much in depth knowledge of what's happening internally. I made out like a bandit on that breakout but sold out when it hesitated at the top. Nice run and I would like to have another solid bounce on trendline but she's feeling lethargic and bids are weak.
I'm watching $3.81 on the ADR weekly. So far, trendline support is holding and we will have marked a higher low if this is the bottom of this move down. We have also seen some pickup in volume during the past half hour right around the 200sma daily.
My greater concern is more focused on the broader market, but I am beginning to think we have another leg up to retest the recent high on SPX before a real correction occurs. Yesterday's collapse of gold and heavy move down on the index should not be taken lightly IMO, especially in the context of a weakening Chinese economy and efforts to kill the Yen.
Feeling some real weakness here. I think this drifts down to 3.77 and hopefully holds support. The next support isn't far below but that would be very bearish, IMO. What an earnings miss, though. Not very happy with those numbers.
I have market moving back up to 1574 to put up a right shoulder on H&S formation. Just broke out, IMO for move higher. If it breaks there, all bets are off and higher highs not out of the question. Otherwise, I will be getting HEAVY short if it breaks above 1574 area and averaging all the way. I just trade GFA when the technicals set up but don't have nearly the understanding of what seems to be a pretty complex negotiation.