Gulf Resources

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Gulf Resources ( GURE) is engaged in the manufacturing and trading of bromine and crude salt and the manufacturing and selling of chemical products used in oil and gas field exploration, oil and gas distribution, oil field drilling, wastewater processing, papermaking chemical agents and inorganic chemicals. This stock is trading up 1% at $1.10 in recent trading.

Today's Range: $1.10-$1.19

52-Week Range: $0.98-$3.28

Volume: 220,000

Three-Month Average Volume: 108,842

From a technical perspective, GURE is moving modestly higher here with above-average volume. At last check, this stock has hit an intraday high of $1.19 which briefly pushed it above its 50-day moving average at $1.14. Since tagging $1.19, the stock has subsequently pulled back to its current price of around $1.10.

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Traders should now look for long-biased trades in GURE as long as it's trending above $1.14 to $1.22 with strong upside volume flows. I would consider any upside volume day that registers near or above 108,842 shares as bullish. If GURE can sustain that trend, then this stock has an excellent chance of re-testing and possibly taking out its next major overhead resistance level at $1.48.

On the flipside, I would avoid this stock if it closes back below its 50-day. Only look for long trades if it can sustain a trend above $1.14 and some near-term overhead resistance at $1.22.

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