Careful LONG GLPG
Updated
I've been following this tock for quit some time. Seeing it fall and many people calling to go LONG, only to fall even further. The cash position alone equals 80 share price. Fundamental Mumbo Jumbo. The chart had much more downside to go.
Now we have a potential bottom forming. The RSI is oversold on the Weekly & monthly levels & looks to tackle the Averages. Altough it did break an important level, this might be 'overextending' and will return soon.
This is still too early to call BULL. But I'm liking the setup so far. This is BIOTECH so very volatile. I don't see the company going bankrupt. I like to buy low so when the RSI on weekly & monthly are this low it sparks my intrest.
The stock can still go lower perhaps to 33 the previous lows.
I think the key indicators will be:
* Breaking above resitence
* breaking above the 200 dMA AND staying above it.
* GLPG must trade and stay above 60
* Moving averages must point to a bull market: 21 - 50 - 100 - 200 (whilest today it is in reverse = bear market)
T1: 82
T2: 98
T3: 150
The choice is yours.. :)
Now we have a potential bottom forming. The RSI is oversold on the Weekly & monthly levels & looks to tackle the Averages. Altough it did break an important level, this might be 'overextending' and will return soon.
This is still too early to call BULL. But I'm liking the setup so far. This is BIOTECH so very volatile. I don't see the company going bankrupt. I like to buy low so when the RSI on weekly & monthly are this low it sparks my intrest.
The stock can still go lower perhaps to 33 the previous lows.
I think the key indicators will be:
* Breaking above resitence
* breaking above the 200 dMA AND staying above it.
* GLPG must trade and stay above 60
* Moving averages must point to a bull market: 21 - 50 - 100 - 200 (whilest today it is in reverse = bear market)
T1: 82
T2: 98
T3: 150
The choice is yours.. :)
Trade active
Potentially next leg up coming. Could be down but i favor up atm.
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