Entries in Bullish Ledge (2)
Gamestop -- Bullish Ledge
Price Patterns
in Bullish Ledge
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Gamestop (NYSE:GME) is holding up in the current market climate. Its relative strength is coming from the strong trends in the video game business.
Relative strength like this often leads to big breakouts when the broader market stabilizes. Look for GME to break free from its bullish ledge if the broader market stabilizes or rebounds.
Gold -- Bullish Ledge
Price Patterns
in Bullish Ledge
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The yellow metal ($GOLD) just keeps on giving, reaching multi-decade highs today.
Remember that we first put bullion on the radar back in early September, about $80 an ounce ago. Since then, Gold hit its bullish price objective from the bullish pennant, and then exceeded it.
The short-term bullish ledge is actionable; however, we feel that it might be a bit premature in its formation. We feel that it might pullback into the ledge, and offer new entries at more favorable risk/reward prices.
Stay long if you're in and continue to protect profits. If you're looking for new entries, you can try based on the ledge, but keep stops tight and positions small.
