Aug. 19 at 9:13 AM
$GEVO
Yesterday, we broke the uptrend and are now heading back toward the next support zones. Historically, these support levels have not been particularly strong.
Looking at past price action, we can see that every rejection from the upper downtrend line resulted in a decline of roughly 25%. Each white arrow on the chart represents a 25% drop. If this pattern continues, and unfortunately it also aligns with the lower boundary of the downtrend channel, we could soon break below the current support level at
$1.40 and find ourselves around
$1.25.
As we are already well into Q3, all we can really hope for is meaningful and sustainable positive news flow (PR) that could help drive the stock back to the upside.
