Potential buying opportunity on GrowthPoint properties
Updated
Growthpoint Properties has formed a bullish inverted Head & Shoulders formation over the last couple of days. We broke above the neckline yesterday which triggered the long entry. The market has been kind enough to provide a second opportunity to enter on a retest of the neckline @ 24.00. We have tested the R24.00 level this morning and held so far, and hope to see the stock gain some momentum now to move to the formations target of R25.00
Trade active
frustrating trade so far, wobbling around the neckline, but so long as we don't move below 23.50, happy to sit and wait for the trade to move towards the target at 25.00Note
Unfortunately this idea hasn't worked to plan and I would stop out on this breach below 23.50
"If you do what you love, you'll never work a day in your life" - Marc Anthony
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.