The chart above shows how
GGAL.BA burst higher after the
BUY signal that was issued on 07/12/2022. Since then, the stock price refused to ease back and recorded a whopping gain of 86.12%. Market’s upward beat, however, is in question now. Our system detected a
BEARISH ENGULFING pattern which may be a sign of a market mood switching from bullish to bearish. This pattern deserves utmost attention, since its confirmation may well mean the end of heady sprint we witnessed so far. The
BEARISH ENGULFING pattern, if confirmed, indicates a downside potential of 5.35%. It is still early to tell if this is a market top or just a correction, but we are confident that this may be a unique opportunity to take profits. However, some patience is required at this point! Do not forget that confirmation is the prerequisite for saying goodbye to the bullish camp!