Is GSAT Ready For A Reversal?

After a downward run from it’s most recent peak in July, Globalstar, Inc. ([stock_quote symbol=”GSAT”]) may be fixing for a turnaround. Looking at the weekly chart, the stock is in a possible long-term rising channel, and this week is looking to make the first weekly close over the previous weekly high in fourteen weeks. Taking a look at the Renko daily chart…

…we can see a nice double bottom that, hopefully, will provide a good base of support from which price can spring higher. Looking at overhead resistance…

…GSAT has an¬†intermediate downtrend line to contend with. It passed through the near-term one already, but still has to beat the downtrend line anchored at the high from back in May. If price takes off from where it is now, look for another battle with that trend line in the $1.20-ish zone.

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