GATX broke-out and retested previous resistance.
Ramping volumes and Weekly & Monthly charts support the Long Idea.
Medium targets 66.95 and 69.88
Looking Weekly & Monthly charts suggest it could even reach an area near 79.00
Bought the pullback to key support level on second test at the base of a rising wedge.
Looking ready to continue uptrend at this level.
Reacting well so far. Entry: 61.20 Stop: 58.60 Target 68.60
For an upside potential of 12.09% with a 4.25% Risk
RSK/REWARD ratio of 2.85
Coming from an Ytd sharp downtrend, today traded at 10x volume on complete indecision candle
plus clear Divergence on RSI on the month (gaining positive territory and just pulled back to bounce on top of oversold threshold area)
Is someone building up a big position..!?
Probably a good point to try to get on board of recent uptrend..
Nice Pullback with Higher Low bouncing off the 100Ma
Very Good RISK-REWARD and good previous structure.
Plus, just for confirmation:
MACD apparently near a new Crossing
RSI well Oversold on last Low
..trying to get rid of recent sell-off in the Western Markets!
Price stopped nicely on the YTD support trend-line and 100day Ma (both on good volume)
RSI also oversold (not that important to me.. but just to mention)
a 1st conservative Target and then (if price could break "recent" triple-top test) go for a mid-term 2nd Tg.
Six month uptrend still intact, some bounces off the 200 wma
1D 200ma never touched.
Yesterdays candle is a nice bullish pinbar @ 200 wma
Price tried to reach the 200 ma but the buying pressure kept it on green (with good volume as well)
Two profit target with a fixed price trailing stop plan.