FA very important , no doubt, the quality of your resource / prospects plus management is what gives you the chance to provide a chart in the first place and an opportunity to make money, but equally important to that is also having a good understanding of world events / macro / etf... PLUS a good / basic understanding of TA / money management to profit along the journey, i believe they ALL go hand in hand.
No company is perfect, GLN has great potential, but the sovereign risk factor cant be ignored, Argentina economy is virtually a banana republic with 40% inflation and a third of the population unemployed , covid 19 obviously didnt help and now they are considering the road and belt programme offered by that mongrel chinese government.........yes mate, you need to consider all factors...
Even more of a reason not to be a bag holder too........never fall in love with your stock, I say.
But i digress, this is the chart thread
First of all, for some reason my fibs dont match the previous posts, maybe i didnt have my spec savers on.....
Never the less, the 2.618 ( 125.63c ) target got hit but as you can see with the red arrow ( wick ) it didnt last long and a inverted hammer candle was created which i believe signals the start of a minor sub wave 4 down movement, bearing in mind with Elliott wave, there are 5 sub waves within sub waves, every time, rinse repeat, so i am hazzarding a guess this might go down to around 112 / 108, which will provide another good opportunity to top up , before the sub wave/s 5 up commence, whereby the target could go as high as the 3.618 fib ( 146.87 )
This chart shows the fib retracement tool used which shows where sub wave 4 down could go, 38 fib retrace are popular with wave 4 down , but i doubt it given how high SP is in relation to upper band of the bollinger, normally SP gravitates towards the median of the upper and lower bands.
Also all indicators are very high and needs to reset somewhat.
Its just a guide , not a fact, but it all helps in making solid decisions whether to accumlate, buy, part sell, sell.
For me this time round, i am just aiming to use this minor retrace to leveredge up more for the sub wave 5 up action.
IMO
No financial advice here
DYOR
(20min delay)