For the past few months, global banking ADR Grupo Financiero Galicia S.A (GGAL) has been consolidating and digesting the incredible gains realized over the last two years, and it's near all-time highs.
The consolidation is a sideways rectangle pattern that is suggesting an upside breakout based on the volume pattern. The chart below highlights and outlines the price and volume patterns.
Click to Enlarge
Trade Trigger: Daily close above resistance, which is at
$17
Profit Target: Minimum expected target is
$20
Protective Stops: Confirmed move back below
$17
Aggressive Entry and Stops: Anticipate the upside
breakout and accumulate at lower levels before the buy triggers. Stops could
then be placed either below the support line ($14.20), or below the recent low
at $15.24
By Zev Spiro
If you are interested in receiving Zev's free market letter, e-mail zevspiro@oripsllc.com with subject line: Moneyshow.
