Take a look at the 1-year chart of GasLog (NYSE: GLOG) below with added notations:
GLOG has been trading sideways for the last 3 months, while forming a common pattern known as a rectangle. A minimum of (2) successful tests of the support and (2) successful tests of the resistance will give you the pattern. GLOG’s rectangle pattern has formed a $22 resistance (green) and a $16 support (red). At some point the stock will have to break one of the two levels created by the rectangle pattern.
The Tale of the Tape: GLOG is trading within a rectangle pattern. The possible long positions on the stock would be either on a pullback to $22, or on a breakout above $16. The ideal short opportunity would be on a break below $16.
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