Header help text

Start trading with a free $30

There is no better time than now
Your first deposit is on us

Grab your $30 from XM

by Seth Parker on July 11th, 2018

Gifto Analysis – Buyers are back on the market

The second piece of the day is about the Gifto. Technical situation here is similar to this one seen on the Power Ledger, so we are very close to receive a nice buy signal.

Since the beginning of May, GTO is in a strong downtrend. The price fell from the 0.65 USD to almost 0.1 USD. Just WOW. Interestingly, during that drop, Gifto created 5 price patterns! It all started with a double top formation (green). First bullish correction after the downswing was initiated, was killed by the head and shoulders pattern (grey). After the breakout of the horizontal support around the 0.3 USD (yellow), the price additionally created a wedge (black) and a flag (orange). As you can see, technical analysis is pretty strong here.

Gifto Chart

The last development is another flag (blue) but this time, this formation is pointing north. The breakout of its upper line will give us a buy signal with the potential target on the yellow rectangle.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

More content by Seth Parker

Comments (0 comment(s))