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Globo shares (LSE:GBO) are bearish, but the price seems to have reached some rock-bottom at the accumulation territory of 40.00. Around that territory, the market is volatile and bearish pulls have been sharply rejected. The trend cannot go down forever, for no hen will be unfortunate enough to lay black eggs.
We are watching the action of the Smart Money and capitalizing on their weaknesses. The recent alignment of the EMAs 10, 20, 50, and 200 (the color that stands for each EMA is shown on the top left part of the chart) reveal that the trend is bearish. However, the price has broken upwards, through the EMAs 10, 20 and 50. The EMA 200 is currently under challenge, and should the price close above it, it would mean the end of the bearish trend.
The probability of the price breaking above the EMA 200 is very high. This would turn out to be a low risk and high return setup: there is money to be made here. Globo price could go on towards the distribution territory at 70.00 – even beyond.
This forecast is ended with the quote below:
“It is very important to recognize that statistically, trades would be subjected to strings of wins or losses. Do not be overly alarmed.” – Jay Ng
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