Technical Summary: In our last technical report on GEM on the 4/9/17 we commented that the chart indicated that “overhead supply was drying up”. This turned out ot be correct with the stock doing another couple of weeks of consolidation before exploding to the upside. The stock now sits overextended over the short term. Technically the story does not appear to be over as yet with the stock showing a bias to the upside. We would ideally like to see a constructive pull back or consolidation in order to setup a low risk buying opportunity. At the moment the stock is sitting at 3 year highs which means that there is likely to be little overhead supply or resistance for further upside.