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Galan Lithium LimitedGalan Lithium LimitedGalan Lithium Limited

Galan Lithium Limited

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GLN trade ideas

Australias Galan Lithium is back to support. Will it bounce ?Galan has had a great run over the last 12 months up almost 200% in price - including a 25% drop from its recent highs with the overall market pullback. It is at the bottom of one of its trading ranges and a bounce could possibly see a 15% run before it hits resistance again. Would like to see its RSI turn around and point up to get better confirmation and will need some support from the overall market - especially the TESLA share price to get some strength back into it. I think Lithium demand will be here to stay though for quite some time though which will always help stocks like these longer term hopefully. If it breaks and closes below this level and puts in some new lower lows, then buyer beware. Best to wait for confirmation of an uptrend. Worth a watch. ------------------- Speaking of watching, here are some videos I have made with tips and tricks in them on how to use TradingView where you might find something useful. www.tradingview.com
ASX:GLNLong
by zAngus
3
GLN @ 20 SEP 2021Text me if you have any questions/comments for me. ----- GLN - Previous analysis was done on 15 Sep -> suggested waiting for the next rebound wave for a better setup for entry - Since then, the stock has retraced back to re-test the $1 psychological support - Any strong break of the 1.00 support levels will also coincide with a structure break - Stock will have to rebound to around 1.19 levels to have any chance of a mid-term uptrend - R is more than 10% - Strategy-to-buy (DYOR) – Suggest waiting for a series of Higher Highs and Higher Lows
ASX:GLN
by Jerm88