For the past few months, Grupo Financiero Galicia S.A (GGAL) has been consolidating and digesting the incredible gains realised over the last two years, near all-time highs. The consolidation is a sideways rectangle pattern that is suggesting an upside breakout, based on the volume pattern. The chart below highlights and outlines the price pattern and volume pattern.
Trigger: daily close above resistance, which is $17, Target: minimum expected target is $20, Protective Stops: confirmed move back below $17, Aggressive Entry and Stops: anticipate the upside breakout and accumulate at lower levels before the buy triggers. Stops could then be placed either below the support line ($14.20), or, below the recent low at $15.24.
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