Gulf Navigation Holding (GULFNAV), discussed elsewhere on this blog several times in the past…

2012 so far:

0.18 — ALL TIME LOW hit on 17JAN2012;

0.185 — ALL TIME LOW (closing basis) hit same day

0.429 — YEAR HIGH on 29FEB2012

0.417 — YEAR HIGH (closing basis) on 04MAR2012

GULFNAV rallied 138% (125% on a daily CLOSING basis) from its historic ALL TIME LOW in very short time (about a month).

In retrospect, that vicious rally looks like a typical bear market rally, as the stock has proven weak throughout the year.

Why is it weak?

The stock has gone beyond the lower of the widely used FIBO levels (68.2%) in retracing the rally earlier in the year.

0.18 – 0.185 is the obvious level to watch now.

Hope lies ahead, on daily closes above 0.25, and especially a WEEKLY CLOSE above 0.26


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