GGAL: Perfect short setup in the makingGGAL is offering a great short setup here. This is an ADR (American depositary receipt), that is, basically, a foreign stock that is traded in an american exchange. It's of special interest since I'm from Argentina. Fellow argentinians can take note of this setup and trade it in the local market as well. Upside risk is the same, despite the ADR being priced in dollars, so the stop loss is easy to calculate: use the recent highest high.
Target is the bare minimum this stock should fall, and can possibly evolve into a larger move, since the Rgmov indicator is firmly planted in negative territory, without showing any new 44 bar high yet, after plotting a 44 bar low before.
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Cheers!
Ivan Labrie
Link to Tim West's chatroom: www.tradingview.com
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance0.57% on such information.
