Although price was previously in a downtrend Genel Energy is showing signs of heading in an uptrend now.
On the Daily chart price is already above the 50 & 200 simple moving averages which gives it a bullish bias.
Right now price appears to be fast approaching the Weekly 200 simple moving averages which may act as a strong resistance level.
This stock is not...
I stick with my original plan, while price is ticking along nicely a slight pull back to multiple levels of confluence will give it a good boost higher.
Ultimately it's looking steady and good, some near term levels to contend with at 140 but once passed this level, lovely upside.
Patience, time to see if the plan materialises and provides a high probility trade...
There's a nice buy confluence on the chart pointing towards a move in late March here. I think there's a chance it could break early though, as there are a lot of other companies with confluences in early/mid march and this could be dragged up accordingly.
