Today's alert is GroveWare Technologies, Ltd. - GROV

GROV  is one of North America's leading providers of mobile solutions to enterprise, connecting workforces by mobile device to a wide selection of ERP systems and helping American businesses and institutions to enhance productivity and improve profitability by mobilizing and automating business processes.

GROV's showcase software, MobiTask, is a wireless client application compatible with all smartphones and tablets including: iPhone®, iPad®, BlackBerry®, PlayBook™, and all devices using the Android™ or Windows Mobile® wireless platforms. 

For more information on the fundamental components of GROV, you can check out their website at GroveWare.com or their Yahoo Finance page by clicking here.

Today’s chart alert has already shown it can get down and dirty on the dance floor, and after taking a current breather and drink of water, it's looking like it wants to hit up the dance floor again and "get groovin'"!



If you haven't figured it out yet, we're using a dancing analogy to explain the chart. Might was well try and have some fun while making money right?

One thing is very important in regards to the chart. When it dances, it goes at it with 110% effort. As you can see, the last time it was out on the dance floor groovin', it went from $.17 to a high of $.55! This happened all in the span of only five days. Wow! This is important from a technical perspective because it tells us that the chart has the capability to make big moves. It's done it once before already, so why not again? We certainly feel the odds are better compared to a chart that has NO past history of making big moves.

Like any dancer, they need rest in order to keep their skills intact. Taking a break and grabbing a glass of water can certainly provide the needed rest. This is exactly what the GROV chart is undergoing. After the gigantic move of $.17 to $.55, the chart has entered into a consolidation channel. The current channel sits between the support level at $.29 and the resistance at $.55. The bullish dynamic of this consolidation is that it's happening at a new HIGHER level. In other words, the chart has put in a higher low, and as far as uptrends are concerned, that's priority #1.

Once the glass of water is finished (consolidation), what kind of potential are we looking at? Hard to say given the lack of resistances after $.55, so the best way to look at it is simple. Picture $.55 as the door to blue skies. There is the 50-MA up above at $1.55, but as far as we're concerned, that can be classified as a Blue Sky Breakout. Once again, given the past dance moves proven by the chart, a break of $.55 could produce another exciting show.

The key question with all this becomes: when is the drink of water going to be completed? When is the current consolidation period over? There obviously is no crystal ball that can say 'exactly' when the chart will be ready to start groovin' again; however, there are a few little clues within the technical indicators.



Our two favorites, the MACD and Money Flow Index (MFI) are both showing us something similar: uptrends. Checkout the MACD - look how close the famous "MACD-crossover" is! Add this to the fact that the histogram bars are shrinking and shrinking, the MACD is suggesting that the glass of water is about gone.

The Money Flow Index (MFI) is also lending us a helping hand. It gives us a good little ‘clue’ in terms of just how strong any sort of breakout may be. If the MFI can break through the 50-level, odds are, the strength of the dance routine is not only heating up, but getting even stronger. The opposite is true of course, if the MFI hits it and get rejected, odds are it is a head-fake breakout and the chart just needs more water.

With the chart on the verge of getting back out on the dance floor, get GROV on your radars and let’s get off to a great start of the week!




 

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