GL1 trade ideas
$ASX:GL1 LongStrategy
Strong potential pivot point marked by long legged doji & heavily traded support at $1.30.
AMEX:XME down 3.4% on week, potential sector rotation heading into next week.
Stoch RSI in oversold position
Trade Position
Entry - $1.345
Target Price - $1.50
Stop Loss - $1.30
Target Return - 10%
Risk % - 3.35%
Risk to Return Target = 3/1
GL1 (ASX) - Potential swing set up long Following the impulsive movement up since the March 23rd low, the chart formed an expanding flat which is followed by another smaller expanding flat. The longer the build up, the bigger the potential down the track. Usually a bigger impulse (after the flat) followed by consolidation is more desirable. If you look further back at the market structure, this ticker has reached $3.
Have a tight stop here whatever you're trading style if you jump in without further confirmation signals. (I would use a 5-7% stop loss).
I am only looking at charts here, not fundamentals.
