$ASX:GL1 Long

May 27, 2023

Strategy

• Strong potential pivot point marked by long legged doji & heavily traded support at $1.30.
  
• XME down 3.4% on week, potential sector rotation heading into next week.
  
• Stoch RSI in oversold position
  
  Trade Position
• Entry - $1.345
  
• Target Price - $1.50
  
• Stop Loss - $1.30
  
• Target Return - 10%
  
• Risk % - 3.35%
  
• Risk to Return Target = 3/1
  
  

May 29, 2023

Trade active

Day 2 -

- Stock hit an intraday high of $1.43 / + 6.43%

- Sold 50% of parcel at $1.42, 30m off the open, hitting a nice return of + 5.63%

+ Stock re-bounded with help of the wider market with the ASX (XJO) up + 0.87% on the back of the US debt ceiling 'agreement in principle'

- Closed day at $1.395 / + 3.33%

- Gravestone doji formed on the daily which highlight possible bearish sentiment.

- Looking at the hourly chart, clear resistance is being formed at $1.43

May 31, 2023

Note

Day 4
- Closed out the trade at $1.46, with a return of 8.55%
- Candelsticks are looking bullish for a further run upwards however part of me has a feeling the stock will retrace heading into the end of the week.
- I will continue to monitor for a possible entry at the $1.38 ish mark