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Todays Big Stock Wealthpop News

Globe Life (GL) ⎯ Ready To Breakout?


Any trader who has been in the market during this year’s trading has seen what a clear and obvious channel looks like. Well, Globe Life (GL) might have one of the longest running channels in the market today.

As you can see in the video, GL a very well-defined channel between 105 and 110 where price has been bouncing around for several weeks at this point. A shorter-term trader could should presumably be able to trade off on end of the range to the other, but entries would have to be exact and even then, profits limited.

However, for the longer-term trader, like those of us in the Profit Machines trading community, we would like to see a breakout of this channel, either to the top or bottom side. Even then, we would look for the best possible trade.

A break of the bottom or top line of the channel would likely come with a retest of the former support or resistance level, that would be the high probability trade. Rather than chase any breakout in price, only to see it fall back down and possibly stop you out, the best entry would come at this retest spot. I have seen this type of entry work many times and it tilts the odds back in your favor.

In any case, this is a clear set up traders can keep an eye out for any possible movement. Also, keep an eye out for any news that might give price the momentum to break one of these two levels.

Learn to find these levels for yourself when you join The Profit Machine. There, you’ll learn all about my favorite stocks, setups, strategies, and plenty more. You’ll also be invited to weekly webinars where I answer questions and go over important trading lessons, like the one in today’s article. The best part, you’ll also receive live trade alerts. Not only will you get a world-class education, but you’ll earn while you learn.

Get a jump start on your options education and put yourself in position to win in 2023. Sign up today! Until then…

Good Luck With Your Trading!

Christian Tharp, CMT

Christian Tharp

I am an expert stock market coach having helped over 4000 beginner and advanced traders & investors from around the world take control of their financial futures. I also write stock market related articles for the Adam Mesh Trading Group. My Chartered Market Technician (CMT) designation substantiates me as an expert in areas such as the technical analysis of stock trends, market indicators, cycles, price patterns, Elliot Wave principles, Candlestick charting, analyzing financial trends and behaviors, portfolio strategies, and forecasting future price movements. With my straightforward approach to simple, systematic trading, students learn how to strategically assess buy signals and market entry timing, establishment and management of stop losses, and how to employ a simple and disciplined trading approach that creates profits.

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