Quick update on a daily basis of the stock picked a few days ago: Galp (PSI20).
On the chart we can see the falling wedge pattern. After testing the support, the stock made its reverse and broke the resistance, testing today the 1 negative SD Vwap (cyan line on the chart).
The RSI(21) validated the bullish exit of the pattern and the short term target appears to be the old resistance (red line on RSI chart). Please note that volumes also supported the reversal.
We may see today or tomorrow a pull back on the old resistance of the wedge before the stocks resumes its way up. This could be a good opportunity to buy. According to the pattern, medium term target should be the test of the top (around 15,75). However, the zone delimited by the daily Vwap (14,93) and the upper Bollinger band (15,02) should act as a resistance and may be a good profit taking zone.
Good trades
Pj.
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