Descending Triangle on GBLI

NASDAQ:GBLI   Global Indemnity Group, LLC
A descending triangle has formed on the Global Indemnity Limited Cayman Stock, so following the previous trend, the price is expected to break the lower line of the triangle and continue downwards. We recommend placing a short position on the stock after the price breaks the line, placing the order at around $25.46 per share, a little below the breaking point in case the price goes up. If the price goes up, the trader should place the stop loss approximately at $29.09 near the last maximum point, and the take profit at $16.77 approx. following the base of the triangle. The risk-reward ratio is 2.39 so it’s a recommended transaction if the price breaks downwards.