Long term idea here is that PM forming a multi-year cup and with a hopeful view a handle at some point.
At the moment it's certainly facing resistance at the same point as it has about 6 times (even more if you go back more than 5 years), so this is a significant price point to get through.
So in the very near-term I suspect the most likely scenario is either pullback to the 'cup' trendline... or another bash at resistance with rejection... either way the price is likely going to consolidate before any big move up.
At the moment it's certainly facing resistance at the same point as it has about 6 times (even more if you go back more than 5 years), so this is a significant price point to get through.
So in the very near-term I suspect the most likely scenario is either pullback to the 'cup' trendline... or another bash at resistance with rejection... either way the price is likely going to consolidate before any big move up.
Note
Probably down to the 'cup line' Note
Has to keep above, looking good though:
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.