UPDATE: PPC Cup and Handle to a Diamond snoozing formation
Since the price broke above the brim level for PPC, it's since formed a DIamond FOrmation.
There are TWO scenarios we can see:
A bullish Diamond broadening formation. It resembles a diamond with high volatility and jumpiness between the price range. We wait for the diamond to form and then wait for the breakout to the upside.
A bearish Diamond broadening pattern, where the price breaks below the support of the diamond formation.
TIPS FOR BOTH
It is common to see Diamond formations to form in up or down trends and then break either way. So we do need to wait for the breakout.
I am cautiously optimistic as the previous trend was up, the price is above the 200MA.
And so the target remains at R4.40.
There are TWO scenarios we can see:
A bullish Diamond broadening formation. It resembles a diamond with high volatility and jumpiness between the price range. We wait for the diamond to form and then wait for the breakout to the upside.
A bearish Diamond broadening pattern, where the price breaks below the support of the diamond formation.
TIPS FOR BOTH
It is common to see Diamond formations to form in up or down trends and then break either way. So we do need to wait for the breakout.
I am cautiously optimistic as the previous trend was up, the price is above the 200MA.
And so the target remains at R4.40.
✅ Facebook:
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
Disclaimer
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.