PCG | Potential Reversal Zone at LT Support + Breakdown Retest📍 Ticker: NYSE:PCG (Pacific Gas & Electric Co.)
📆 Timeframe: 1W (Weekly)
💡 Pattern: Head and Shoulders Breakdown → Testing Key Support
📉 Price: $14.79 (as of last candle close)
📊 Volume: 87M
📉 RSI: 32.92 (approaching oversold)
🔍 Technical Setup:
A Head and Shoulders top has completed, with price breaking down below the neckline. However, PCG is now approaching a major confluence zone:
✅ Multi-year ascending trendline support (dating back to 2020)
✅ Previous horizontal support from 2022–2023
✅ RSI nearing oversold (32.9) — potential for bullish divergence
✅ Volume spike on breakdown — possible capitulation
The blue zone marks a potential retest area. If price holds and forms a reversal candle here, a bounce toward $16–$17 is possible (prior support zone).
🧠 Trading Plan:
Bullish Bias: If price shows bullish price action at/above trendline (~$14.40–$14.70)
🟢 Entry Idea 1: $14.75–$14.90
🟢 Entry Idea 2:$13.60–$14.20
🎯 Target 1: $16.20
🎯 Target 2: $17.00
⛔️ Stop1: Close below $14.20 (trendline + neckline invalidation)
⛔️ Stop 2: Close below $12.50 (Bearish Continuation: Close below ascending trendline + neckline = further downside risk toward $12.50)
⚠️ Watchlist Notes:
PCG is defensive (utilities), but often reacts to regulatory/news-driven catalysts.
Recent weakness may offer a risk/reward setup near major support.
RSI bearish structure is weakening — watch for divergence or failed breakdown.
💬 What do you think? Bounce or breakdown from here?
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