Global Logistic Prop (GLP) is showing a very sexy head and shoulders, or multiple Tops or whatever you want to make it. Bottom line is GLP is finding difficulty to break the $2.22 resistance to move higher. Why am I saying this chart pattern sexy and potentially make shorties drool? Basically GLP is showing very clean pattern and the support / resistance levels are very clear. GPL has clear cut head, nice shoulders, refined neckline and bounced up or down nicely from the Fibonacci Retracement Levels most of the time. GLP has broken the neckline and currently coming back to test the neckline and 20D SMA. If GLP fails to overcome the neckline and bearish signal appears (2/5 EMA cross down on weekly and daily chart), the minimum price target of this Head and Shoulders Breakout is $1.94. Will this chart pattern repeats itself? We will see.
Global Logistic Properties Limited will release its full year financial results for the year ended 31 March 2012, on Thursday, 24 May 2012, after the close of trading.
- Price: $2.08
- Current PE: 10.73
- Rolling PE: 18.36
- Beta (75 days): 1.45
