Algo Update – GNC

Following a number of analysts upgrading the outlook for Graincorp, the stock rallied over 5% in yesterday’s session.

We’ve been tracking this name, waiting for a reversal with increased volume and conviction. With the stock closing yesterday at $8.64, we now consider the $8.16 low as new support and look for a base to build at or near $8.50, with upside potential to $9.00.

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