$GNMX - Possible Swing Entry

22 août 2018

GNMX has finally broken the long down trend. Today's trading day created a bullish engulfing candle. The MACD is about to cross above 0 giving a strong buy signal. I would look at buying on the break of 1.30 (has been tested twice and failed already). The break of 1.30 should offer a clear run to 1.50 resistance. This will be a tough area to break, so I would look at taking profit near this area. If this consolidates well on uptrend to 1.50 this could see a retest of 2.00, but still too far out to say right now. I would keep a tighter SL around 1.20 due to risk/reward, but a higher risk SL could be placed under 1.10 where support currently sits from up trend and stationary support. One could look at a dip buy around this area too, but a dip buy could trap you back under the old down trend. Therefore, I'd keep a hard SL under 1.00 for any dip buy near 1.10.