Grupo Financiero Galicia S.A. operates as a financial services holding company in Argentina. The company operates through Banking, Regional Credit Cards, CFA Personal Loans, and Insurance segments. It offers financial products and services, including collection and payment services, commercial credit cards, direct payroll deposits, capital market alternatives, foreign trade solutions, and corporate e-banking solutions; financial support and cash management services; foreign trade; corporate debt and securitization transactions; and e-collection and payment solutions to various agencies, municipalities, and universities.
Take a look at the 1-year chart of Grupo (Nasdaq: GGAL) below with my added notations:
Over the last 6 months GGAL has created a key level of support at $12
(red) and that $12 level was also the “neckline” support for the
stock’s head and shoulders (H&S) reversal pattern. Above the
neckline you will notice the H&S pattern itself (blue).
Remember, patterns such as an H&S need to confirm to have the
meaning that they imply. Confirmation of the H&S occurred when GGAL
broke below its $12 support.
The Tale of the Tape: GGAL has confirmed a head
& shoulders pattern. A short trade could be entered anywhere near
$12 with a stop placed above that level. A break back above $12 could
negate the forecast for a move lower, thus a long position could be
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zerohedge.com / by Tyler Durden on 10/17/2014 11:05Please share this article
Several days ago we were confused why,
out of the blue, a €1 billion loan BWIC appeared that was dumping
German non-performing loans. After all, the whole point of the European
“recovery” fable to date has been to deflect all the attention from the
“pristine” German banks, up to an including world-recordderivatives juggernaut Deutsche Bank, and to focus on Greece and other insolvent peripheral European nation. Earlier today, German Handelsblatt provided an answer,
when it reported that “four German banks are on the brink”, i.e., four
banks of which three are known, HSH Nordbank, IKB and MunchenerHyp, will
likely fail the ECB’s stress test whose results are due to be announced
Keep in mind that this is a significant fraction of the 24 German banks that are undergoing the ECB’s Stressfarce test.
So one wonders: if one in six German banks is so unsafe even the ECB
(which kept Cypriot banks going well past their insolvency) will give
them a black stamp (because in Europe failing a bank stress test is
first of all impossible since both Bankia and Dexia passed theirs with
flying cololrs, but more importantly a death sentence), what does that
leave for the rest of Europe’s banks, all of which are in far more dire
shape than sleepy Germany?
In any case, here is Handlesblatt’s warning: