Globalstar Soars But Runs Resistance Level

Mobil satellite service provider Globalstar, Inc. GSAT made a large move higher Monday, attributed to an online appearance of the CEO giving an update on the company’s financials.

The $1.35 level was resistance for the stock in early April and was also resistance in January. The stock closed Monday at $1.36.

Buyers of the stock should exercise caution. If the sellers who had previously formed this resistance come back into the market, there’s a chance they push the stock lower like they did in January and earlier this month.