REalising the wedge of GP Batteries

I have earlier mentioned about GP Batteries. As I look at it again today, it certainly a counter real tempting for investment.

But looking at the daily chart, it tells me to wait it out.

Fig 1 GP Batteries daily chart

I have mentioned last round that a wedge is clearly visible on the daily chart, as I review it through today, not only the previous deduction stands, it is in fact realising the wedge formation. It has broken trough the envelop of the wedge and head down, it did retrace back to the envelop which is now a resistance to the counter.

Base on the next support level, I think it will crosses its minimum objective of 0.9 and head for 0.8 instead.