Georgia Gulf Charges Higher

Georgia Gulf (GGC) is testing major highs today. The company's third-quarter earnings report last night sparked a gap higher open on news that the chemical maker had beaten earnings-per-share (EPS) estimates. Volume has been running very heavy on the session, helping the shares maintain the bulk of its early pop despite the extremely weak overall action. At midday, GGC has stabilized with a 5% gain as it battles heavy resistance near its 2011-12 highs.

Georgia Gulf (GGC) Source: TradeStation View Chart » View in New Window »

In late July, the stock exploded to the upside on news the company was merging with PPG Industries. GGC ramped over 13% on the day as volume jumped to eight times the average. The powerful momentum carried the stock to fresh 2012 highs but was unable to move past the 2011 peak of $40.50. Since first hitting this level in early September, GGC has been tracing out a healthy consolidation. The $40.50 area has continued to hold the upper band of the pattern, marking the multi-week highs of October. The bulls, despite all the bearish action out there, are pushing hard against this level again.  ...112 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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