PGM Last hope?
Updated
Is this PGM's last hope before it descends into the depths of Hell?? :)
In order to defend its Weekly higher low pattern PGM needs yet another bounce off its 200 Week moving average. It has closed below the moving average with every other moving average shot. 50, 100 day etc sma ema..
The Daily RSI is almost oversold but not just yet which could merit a bounce and quick filp BUT there is still room for downside in that daily RSI so caution is key..
More downside will see PGM break its Weekly higher low pattern which is its last hope.. potentially .
Next support's @ 86 , 77 and 65
Best way to play this is DONT. Unless we get a bounce and wait for a confirmation.. What confirmation? the confirmation for me personally will be when
1.We get a bounce and break above the 16 and 36 EMA on Dialy timeframe
2.When we get a pull back and find support on the 36 period EMA.
3.When we get a 16 and 36 period ema cross (Buy Signal)
The bear volume on daily has increased but this cold just be the final bear climax before a bounce off the 200 week moving average.
Lets see.. :) The monthly Bear volume is decreasing so we could be seeing the last of the bears..
Confirmation is your friend.
In order to defend its Weekly higher low pattern PGM needs yet another bounce off its 200 Week moving average. It has closed below the moving average with every other moving average shot. 50, 100 day etc sma ema..
The Daily RSI is almost oversold but not just yet which could merit a bounce and quick filp BUT there is still room for downside in that daily RSI so caution is key..
More downside will see PGM break its Weekly higher low pattern which is its last hope.. potentially .
Next support's @ 86 , 77 and 65
Best way to play this is DONT. Unless we get a bounce and wait for a confirmation.. What confirmation? the confirmation for me personally will be when
1.We get a bounce and break above the 16 and 36 EMA on Dialy timeframe
2.When we get a pull back and find support on the 36 period EMA.
3.When we get a 16 and 36 period ema cross (Buy Signal)
The bear volume on daily has increased but this cold just be the final bear climax before a bounce off the 200 week moving average.
Lets see.. :) The monthly Bear volume is decreasing so we could be seeing the last of the bears..
Confirmation is your friend.
Trade active
Worth noting that the Bears are getting tired as the Bear volume is drying up and potentially running out of sellers.
Next support's will be key
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