GGAL was a stock pick a month ago here in Trading Graphs when the stock was trading at around $11. Grupo Financiero Galicia stock gained almost 20% during June and formed a long green candlestick in the monthly chart right on the support level, which is also the 38.2% Fibonacci retracement level! June’s candlestick has a higher high than May’s candlestick allowing me to hope for great potential in this long position. A possible profit target can be set at $14, the last resistance level in the weekly GGAL stock chart. However given the retracement, the well established support level and the candlestick patterns, I will let the trade run close to the 10-year high aiming to 5-1 reward-risk ratio!
GGAL stock: Monthly chart with Fibonacci Retracement Levels
Grupo Financiero Galicia stock was picked as one of the top ten financial stocks trading above the 50-day moving average over at Yahoo.com. Criteria for this screen have been over $1 billion market capitalization, stocks trading on an American exchange (Nasdaq regarding GGAL) and operating in Financial sector.
Disclaimer: I’m long GGAL.
Jim Makos has been a professional gambler since 2003 when he first played Blackjack at the local casino. During the following years he developed online betting systems and became an expert in sports trading at the betting exchanges, mainly by scalping the betting odds at horse racing markets. He has also been a casual online poker player and shares his experience in his personal gambling blog. Forex and stock trading fascinates him and he is testing trading strategies based on technical analysis applied to financial charts.
