USGT Uptrend Continues on Daily Chart
As noted above, USGTs intraday chart was positive. If we look at the daily chart, then we can see how today's price action fits into the longer term picture.
USGT had a red candle today because the closing price was lower than the opening price even though the shares closed higher today than they did on Monday. If you are familiar with candlestick charts, you will see that today's candle formed a hammer. A hammer is a sign of a reversal but only after a down trend.
USGT is in an uptrend and so the hammer formation is meaningless. In fact, the hammer is positive because it shows that after an attack by sellers, buyers rallied and regained control of the price action at the end of the day—just as we described the price action on the 1-minute chart.
The key point is that USGT hit a higher high and fell to a higher low today—the textbook definition of an uptrend. Don't let the red candle fool you; this uptrend is still intact and it has legs.
Ready to Rally to $1.00 and Beyond
Aggressive buying petered out shortly after the open this morning but there were plenty of buyers looking to pick up shares below $0.70 all day.
But suppose the buying at the open continued and the share price was sitting at $0.75 at 10:00 AM. The selling we saw this morning could just as easily have been buying. Sellers did not materialize until there was a pause in the buying momentum at the open. Selling was quickly exhausted and buyers maintained control of the price action throughout the day.
The sellers lack conviction. Buyers are convinced that USGT is headed a lot higher and they proved it today.
You have already missed your chance to buy USGT below $0.50 and $0.60 and you have probably missed your opportunity to buy USGT below $0.70. Don't kick yourself for not buying USGT under $1.00 or under $2.00. Your fellow investors are confident that USGT is heading higher. Join them. Don't miss out!
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