Boston, MA 10\/17\/2013 (wallstreetpr) –\u00a0When\u00a0Goodrich Petroleum Corporation (NYSE:GDP) (Closed: $27.80, Up: 6.11%) made a new 3 day low in the opening minutes on Wednesday, few expected it to rally to a new 5 day high by the closing bell but it did just that. The candle produced was a very bullish one called as Bullish Engulfing. The volume certainly supported the bullish sentiment as it surged to a 3 year high of 8 million against an average of 2 million.<\/p>\n
The weekly RSI is in the overbought state for a long time now and is showing no sign of coming out of that immediately. That is a sign of nice strength on the part of the bulls who still want to take the price higher after a 4 month long rally.<\/p>\n
A closer glance at the rally from the 2012 bottom of $7.77 reveals 4 major corrections and 2 minor corrections in it. The first major correction, in March \u2013 June 2013, lost about 5 points. Both the next 3 corrections lost about equal, 4 points. The last correction from the October 2013 top of $28.55 to $24.51 maintained the symmetry. Naturally, a rally was produced next and a move above $29 – $29.30 in the next few sessions should start the next phase of the vertical rally. If the breakout really takes place, then we can mark the correction from the September top of $27.65 as a Running Correction which would imply tremendous bullish strength.<\/p>\n
The longer term chart shows a Falling Wedge or Ending Diagonal pattern ending at the 2012 bottom of $7.77, which gives us a minimum target of $31.39 and even $37.80, coinciding with the 38.2% retracement level of the entire fall from the 2008 top to the 2012 bottom. Major supports can be expected at the 2011 top of $23.80 and the 2012 top of $20.67 levels.<\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 10\/17\/2013 (wallstreetpr) –\u00a0When\u00a0Goodrich Petroleum Corporation (NYSE:GDP) (Closed: $27.80, Up: 6.11%) made a new 3 day low in the opening minutes on Wednesday, few […]<\/p>\n","protected":false},"author":15,"featured_media":10377,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236],"tags":[3469,3468,3466,3467],"stock_ticker":[],"class_list":["post-10376","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-gdp","tag-goodrich-petroleum-corporation","tag-goodrich-petroleum-corporation-nysegdp","tag-nysegdp","entry"],"acf":[],"yoast_head":"\n