Trader_Johnni
Long

GXY - 29 MONTH DOWNTREND BROKEN!!!

ASX:GXY   GALAXY RESOURCES LIMITED
GALAXY RESOURCES (ASX:GXY) Has been locked in a fierce downtrend since Dec 2017 but has just broken out!! Targets As Below.

1. Break of long term downtrend and Volume returning to the market will see GXY build new Market Structure and Create Uptrend Potential.

-Break 29 month Downtrend
-Buying volume returning to the market
-MACD spreading on Weekly and holding on Daily
-RSI Trending up through Neutral Territory
-EMA 20/50 are about to cross signaling trend reversal
-Broken .236 Fib Retracement
-Double Bottom at $0.705
-Targets .5, .618, .786 Fib Retracement (Also Equilibrium Levels)

2. Bull Trap Fakeout completes and prices squeezes into downward triangle corner, breaking 0.705 Support and sinking to 2015 NOV price.

-Bulltrap
-Double top off Equilibrium at 0.845
-MACD Cross and Spread
-Crack 0.705 Support
-Nothing to hold it until 0.465
-EMA's bounce and do not cross

GXY and the Lithium Sector has been plagued by downward price action since false news of Global Over Supply was promoted in DEC 2017. Is the Sector finally about to turn the corner??

These Ideas are NOT 'Financial Advice'!. Scenarios are based off a mixture of TA and Fundamentals current at the time. All IMO GLTAH. Happy Hunting!!!

Comment: A solid 30% trade.

Comments

Good analysis. This is a stock to watch
Reply
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