GIC housing update. The stock today gave a strong move and closed closer to 240. Now if we put a Fibonacci retracement on its monthly chart to look out for potential targets/resistances, two key levels to watch out going ahead are 38.2% retracement at 270 and 50% retracement at 337 . Above that is 405 which is 61.8% retracement.
On charts, near term resistance is visible at levels of 270-280, where previous major resistance was faced. Fundamentally book value is at 294. TTM EPS is 41.
I would be on the look out for any signs of exhaustion of rally nearer to retracement levels of 270-280, and if it goes higher around higher retracement levels as mentioned earlier.
| Subscribe To Our Free Newsletter |
