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Take This ADR to the Bank
02/11/2011 7:01 am EST
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.
Trade Trigger: Daily close above resistance, which is at
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
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