A Closer Look at GROW’s Breakout Last Thursday
Posted by Blain Reinkensmeyer on Tuesday November 14, 2006
After hitting a new high of $33.87 on 9/19/06, U S Global Investors (GROW) began forming its base. It fell back as low as the mid $20s but gained strength and balanced itself out forming the right side around $30. Volume had been relatively low, and then this past Thursday the stock gapped up, surging from $31.40 all the way to $35.64 on over 300% its average daily volume. Take a look at the chart below:
You can see the base it formed fairly clearly along with the breakout of last Thursday. The stock is currently trading at a real time last of $38.61 on volume of about 230,000, up over $1 or 2.71%. Buying at $35 would put you up just over 10%, not bad for four days. Grow is just one of many examples of basing out stocks that end up breaking to new highs. Congrats GROW shareholders, this one is for you.
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