GOODMAN GROUPShort
Potential key reversal top detected for GMG
Updated
Level of interest: $36.67 area level of interest proved problematic on 22nd July (key support/resistance area to observe). Observe market reaction around this level of interest.
Stop loss for the trade involvingGMG (and indication that this trade is an absolute 'no-go') is any trade above the high of the signal day of 10th December (i.e.: any trade above $39.43).
Stop loss for the trade involving
GMG (and indication that this trade is an absolute 'no-go') is any trade above the high of the signal day of 10th December (i.e.: any trade above $39.43).Trade active
UPDATE (week ending 20-Dec): Trade activated 16th December with the opportunity to short any time between 16th and 18th December, depending on the appropriate reward-risk profile for the trader. Share price closed well beneath the 10 and 30 day MA's at the end of the trading week, with charts suggesting possibility of a snap-back at the beginning of the week (considering the distance of the share price away from the 10 day MA), even after the gap-down on Thursday. Considering the key support/resistance level noted in last week's notes at $36.67 from the open of 22nd July, charts are now suggesting to set a profitable protective stop just above $36.67 in order to protect profits in this short trade whilst providing ample 'wiggle room'.
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