GL news catalyst backside trade LONGGL fell on bad news and started its recovery in the after-market hours. The idea is on the chart.
It shows how price action can be manipulated and how retail traders can play the manipulation.
Gl
Globe Life Plunges to Near 4-Year Low Plummeting by 52.84%In a shocking turn of events, Globe Life ( NYSE:GL ) shares nosedived to their lowest point in almost four years following allegations of insurance fraud levied by short seller Fuzzy Panda Research. The company, already grappling with scrutiny over its practices, now faces a tumultuous road ahead as investors reel from the revelations.
Fuzzy Panda's report paints a damning picture, accusing Globe Life ( NYSE:GL ) of turning a blind eye to extensive instances of insurance fraud, including policies written for deceased and fictitious individuals. While these claims are yet to be independently verified, the impact on Globe Life's stock has been swift and severe.
The market's reaction has been palpable, with Globe Life's shares plummeting by a staggering 52% and hitting their lowest level since May 2020. As the company braces for the fallout, questions loom large over its management's response and regulatory scrutiny.
Legal experts like Michelle Meyers warn that Globe Life ( NYSE:GL ) must navigate a delicate path of damage control to address investor concerns and regulatory inquiries. With billions of dollars in market capitalization wiped out in a single day, the stakes couldn't be higher for the embattled insurer.
Short interest in Globe Life ( NYSE:GL ) has surged to an estimated 2.99% of free float, indicating growing skepticism among investors. Fuzzy Panda's allegations, particularly regarding the significant contribution of fraudulent policies to Globe Life's business, cast a shadow over the company's future prospects.
While Globe Life ( NYSE:GL ) contends that its earnings growth is sustainable, the allegations have cast doubt on the integrity of its operations. Hedge fund manager Nate Koppikar's recent critique of Globe Life's inflated book value further compounds the company's woes, adding fuel to the fire of investor skepticism.
As Globe Life ( NYSE:GL ) grapples with the fallout from these damning allegations, investors are left to ponder the implications for the company's long-term viability. With regulatory scrutiny looming large and investor confidence shaken, the road to redemption for Globe Life ( NYSE:GL ) appears fraught with challenges.
Technical Outlook
Globe Life ( NYSE:GL ) stock nosedived by about 52.69% currently trading at $49.60 as of the time of writing. The stock is trading in the oversold zone with a Relative Strength Index (RSI) of 3.68 its lowest low in about 4 years.
Amid this turmoil, one thing remains clear: Globe Life's reputation hangs in the balance, and its ability to weather this storm will be a defining moment in its trajectory as a leading insurer.
GL - Return To Bottom Of ChannelUsing the bowl structure in the middle we can assume symmetry between the up movement first and then the down movement that will come (in red)
The channel is a long term up channel so a movement down wont affect the bulls that much
ETHEREUM///SHORT///TRADE///GLHello
Ethereum just finish the "hunting" i think.
Price rejected from 1680$
Short with SL at 1680$
First target 1610$
U can see some SL/TP model on the chart but use your own
GL
GL to BUY at this LEVELNYSE:GL is offering a nice buy entry .
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NZDUSD LONG TRADEHello traders.
Enjoy the TA (if we hit target). I included three possible spots to either add to your position of take your profits.
Live long and profit.
-zm
