This ADR Ready To Move Higher

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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Disclaimer: The information contained herein is not guaranteed. This is not a solicitation of any order to buy or sell. This material is based upon information that I consider to be reliable, but I do not guarantee its completeness or accuracy. Assumptions, opinions and recommendations contained herein are subject to change without notice, and I am not obligated to update the information contained herein. I may have a position in the security or securities mentioned. This communication, including any attachments, is for the exclusive use of the intended recipient(s) and/or the intended recipient’s designees. Any use, retention or dissemination by a person other than the intended recipient is strictly prohibited. If you are not the intended recipient or designee, please notify the sender immediately by return e-mail and delete/destroy all copies of this communication.

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