As an update to last week’s post on GrainCorp, we again remind readers that GNC is approaching an oversold level.
We expect support will likely develop at or near the current price level.
The trade in GNC is likely to be a corrective move from oversold conditions.
The stock price is unlikely to develop into a meaningful uptrend. We recommend a stop loss below the final pivot, or entry point. GNC
$8.50 – $9.00 is buying support with $9.50 is the profit target.