My first published idea.
GARO has been in a downtrend since it's peak as shown in this chart, it has tried to break the resistance of 190 numerous times however has only managed staying above it for a few days at best.
I'm a new trader, GARO was one of my first purchases, on Jan 10th I bought in at 181,2 which looking back I shouldn't have, on April 11th the stock shot up almost 6% on no news whatsoever touching 190, I decided to sell off my shares the following morning at 189.
I want to enter but at a better position this time, I drew the support line and will be looking for it to bounce off of that line once again, that will be where I want to buy in, I'm guessing 170-175, and after that I will see if we can break the massive 190 resistance or not.
GARO has tried to break the 190 resistance 6 Days in a row now, I am fairly new to trading but I figure the more days that go bye without it being able to break through the less likely it is that it will, feels like there won't be enough power left to keep buying or am I wrong? That is why I believe it will once again drop and come close to the support line within the next couple of days, the pattern is getting tighter and I'll be looking for a break after that.
If it has any relevance the company is swedish and the currency is Swedish Kronor (SEK).
Thank you for any input.
GARO has been in a downtrend since it's peak as shown in this chart, it has tried to break the resistance of 190 numerous times however has only managed staying above it for a few days at best.
I'm a new trader, GARO was one of my first purchases, on Jan 10th I bought in at 181,2 which looking back I shouldn't have, on April 11th the stock shot up almost 6% on no news whatsoever touching 190, I decided to sell off my shares the following morning at 189.
I want to enter but at a better position this time, I drew the support line and will be looking for it to bounce off of that line once again, that will be where I want to buy in, I'm guessing 170-175, and after that I will see if we can break the massive 190 resistance or not.
GARO has tried to break the 190 resistance 6 Days in a row now, I am fairly new to trading but I figure the more days that go bye without it being able to break through the less likely it is that it will, feels like there won't be enough power left to keep buying or am I wrong? That is why I believe it will once again drop and come close to the support line within the next couple of days, the pattern is getting tighter and I'll be looking for a break after that.
If it has any relevance the company is swedish and the currency is Swedish Kronor (SEK).
Thank you for any input.