Golden Ocean Group Ltd. (NASDAQ:GOGL) pleasantly surprised investors with its impressive Q3 revenue results on November 22, 2023. The company achieved a net income of $28.7 million during the third quarter, translating to earnings per share of $0.14 (basic). This performance highlights the company’s resilience and ability to outperform market...
Summary of this article: 30 minute and Weekly analysis, best to buy this above the breakout consolidation. Wait for $9-$11 to purchase this. If you do not want to wait for the breakout, Stop loss below $7.
There are a few ways to buy this on the 30minute chart, which can definitely morph to a long term hold.
You can see that purple would give the most...
Due to GOGL recent golden cross (GC) trigger it's based on historic data probable, we currently stand in front of a profitable bull run. Previously, the stock has proven to follow the GC trigger remarkably well, despite stock printing and subsequent stock overhang which otherwise would dampen such trigger. The stock has recently gained a decent amount of ~30%....
SPY - Friday session put in a clear bottom a 404 and we had a thrust above to end the week. Gapping below this base this morning. On Friday we said " If a heavy channel forms around the bottom range, I'd need to see a fake out above the channel first before shorting" this constitutes as a fake out. This would be invalidated if we close above 07. 30 on the hourly...
Idea for GOGL showing a breakout of a channel and a curved trend line resistance
Very bullish situation
I have also drawn a sharp up channel in green which encompasses the bars pattern move.
Golden Ocean had quite a run from lows in March 2020 to late May 2022 of +490%. Since then stock is down approx 40%. We now have this H&S pattern on weekly chart which signals a change in trend and also a possible Death Cross on daily chart in the making. Technicals are bearish and fundamentals are not looking great with Chinas economy slowing down and consuming...
Goals 11.04, 10.51. Invalidation at 14.35.
We are not in the business of getting every prediction right, no one ever does and that is not the aim of the game. The Fibonacci targets are highlighted in purple with invalidation in red. Fibonacci goals, it is prudent to suggest, are nothing more than mere fractally evident and therefore statistically likely levels...
GOGL is reaching strong support on the weekly chart.
- horizontal support
- 50MA weekly
We could see the start of wave 4 from around this level.
Now we need to wait for confirmation on lower timeframes.
1) This sector has been very strong as of late. With many of its peers posting monster earnings results.
2) GOGL looks like the next one to break out, along with PANL, EGLE, and SBLK.
Broadening Wedges can be observed on chart, initially a bullish one that pushed price into its long seen downtrend
Following this a bearish wedge is observed, which is accompanied by 200MA rejections
Right now price has experienced a double bottom, which is considered to be a bullish pattern. Pushing price out of the downtrend and leading to the now seen break...
Based on its uptrend, rebound from support and a familiar chart pattern confirmed by my technical indicators, I expect at least half a percent in profits IF GOGL exceeds yesterday's high of $13.52 during today's session.
* Great earnings in the recent quarters
* Strong up trend in the recent years
* Sector: Industrials - Marine Shipping
* Relative Strength vs. Sector: 37.17
* Relative Strength vs. SP500: 9.02
* Very strong stock in the sector as well as against the SP500
* U/D Ratio: 1.48
* Base Depth: 10.26%
* Distance from breakout buy point: 0.33%
* Volume 15.45% above its 15...
Beautiful setup doesn’t get anymore straight forward than this set stops accordingly, overshot previous PT’s adjusting and still looking for re-entry but now in mid upper 10’s (pink box tip of pennant) still on trend. Commonly early expecting re-entry to be no different, FOMO indeed. I like this stock, Let the gains ride to ex divi.
Coincidentally the .618 coincides with a breakout retest of the recent trend and a sell the news earnings. 12.25 PT reentry in the 10’s. First leg represents a 55% run. Short term neutral.
