Added to my existing postion on GALP $GALP. Timeframe: 4H Target: ~€15 SL: ~ €14.23 Reason: trend continuation on 4H. Trend on daily chart is bullish and strong
Looks like we've an extended wave C. There is a ending diagonal triangle which suggest a trend reversal. Also you can see the bullish divergence de RSI is offering us. Notice that the price has broken the strong resistance around 11.54 levels. I thing this is just a market move to clean all easy longs around that price before the next bullish rally starts.
LONG POSITION IN GALP, FROM LISBON. TIME FOR THE PRICE TO COME UP AFTER THE MASSIVE DOUBLE FLOOR IN PREVIOUS MAJOR WAVE. ALSO AN ENDING TRIANGLE. WE'RE ON THE FIRST MINI WAVE WITHIN THE FIRST WAVE.
After a long bearish period was followed by bullish retracement, we would expect to see a continuation of the bearish sentiment around the 61.8% level