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Clearing A Channel To Profits: Great Lakes Dredge & Dock

ByDragonfly Capital
AuthorGregory W. Harmon
Published 11/15/2012, 01:03 AM
Updated 05/14/2017, 06:45 AM
GLDD
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RSI
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Great Lakes Dredge & Dock, (GLDD) may not trade as many shares as some more well known stocks, but this small cap stock shows signs of a major long term technical breakout warranting a closer look. The monthly chart below is a thing of beauty to a technician. The price is approaching the top of the 4-year ascending triangle at 8.30 with a bullish and rising Relative Strength Index (RSI), a positive and growing Moving Average Convergence Divergence indicator (MACD), and accumulation in the stock.

Great Lakes Dredge & Dock, (GLDD) Monthly
GLDD - 1
A break over the top of the triangle has resistance at 9.69, the high from 2007 and then a target on the pattern break to 14.33. Sounds great huh, just need that break out higher. So what does the short-term picture look like. It is pulling back with support at 7.80. That happens to be a minor Fibonacci level on the monthly chart, the 76.4% retracement. A hold there and reversal could trigger an early entry into the long-term trade, against the level as a stop, since it would carry a Measured Move higher to 9.20.

Great Lakes Dredge & Dock (GLDD) Daily
GLDD - 2
Disclaimer: The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

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