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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