akillam1

$GNMX - Possible Swing Entry

Long
NASDAQ:GNMX   None
GNMX has finally broken the long down trend. Today's trading day created a bullish engulfing candle. The MACD is about to cross above 0 giving a strong buy signal. I would look at buying on the break of 1.30 (has been tested twice and failed already). The break of 1.30 should offer a clear run to 1.50 resistance. This will be a tough area to break, so I would look at taking profit near this area. If this consolidates well on uptrend to 1.50 this could see a retest of 2.00, but still too far out to say right now. I would keep a tighter SL around 1.20 due to risk/reward, but a higher risk SL could be placed under 1.10 where support currently sits from up trend and stationary support. One could look at a dip buy around this area too, but a dip buy could trap you back under the old down trend. Therefore, I'd keep a hard SL under 1.00 for any dip buy near 1.10.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.