AlistairBruce

GENEL ENERGY - Great Potential

Long
LSE:GENL   GENEL ENERGY PLC ORD 10P
Theres definitely something worth planning here.
BUY ZONE reasons for confluence - Rounding bottom patterm followed by recent new price highs, relatively significant trendline, good pivot zone with 100 round number, RSI over bought and EMA's starting to perform in the right order.
Plan of attack -
1. Wait for price to pull back into buy zone - around 100 (good confluence)
2. Move to candle stick charts for swing pattern or hammer entry signal
3. Trade to 140, expect some resistance as this is a previous historical high
4. Watch price action pull backs and then further momentum to break 140
Significant strength at breakout would beneficial for confidence of further continuation - good upside from there.