Jan. 4 at 3:51 AM
$GFS GlobalFoundries is still in a corrective phase on the 30-minute chart, even though momentum recently turned positive. Price previously rallied hard into the
$40–41 supply zone, where sellers stepped in and pushed price lower, confirming that this area remains strong resistance.
Right now, price is trading around
$36.80, which sits near a short-term balance area. A bounce from here is possible, but this looks more like a reaction move than the start of a new strong uptrend unless price can reclaim higher levels.
If price continues higher, the first upside target is
$38.00–38.50. Above that,
$40.00–41.00 remains the major resistance zone where sellers are likely to defend again.
On the downside, if
$36.00 fails to hold, the next support is around
$35.00–34.50. A deeper pullback could push price toward
$33.00–32.00, which aligns with a strong demand zone. The outlook would only turn clearly bullish if price can break above
$41 and hold, which has not happened yet.
