PNV Weekly Chart Analysis
15-Feb-2024 : Keeping it Simple with Price Action & Technical Analysis..
Check my previous analysis posts on PNV;
PNV Post by ASXCharts - 22-Jan-2024
PNV Post by ASXCharts - 22-Jan2024PNV Daily & Weekly Analysis Post - 2-Feb-2024
PNV has been an exciting stock and some interesting price action stories on the Weekly Charts.
Let's analyze the price action and see if this has the momentum to go higher.
1. The middle dotted line is the downtrend trendline, which was retested and failed a year ago in Jan'23.
We can see the stock is now AGAIN at the same resistance point on the trend line, and this week's long candle indicates good strength, plus RSI close to 70. Very good.
2. The lower RED resistance line is from another lower point, and as we can it it coincides well with that retest failed with the huge volume I have marked in Mar'23.
What's very interesting is, that the stock price is now at EXACTLY the same price point where that huge sell had happened.
That means between Mar'23 and now, PNV has completed a full 100% "V" recovery. Very good.
You can also see a very nice bookish "Inverse Head & Shoulders" pattern... Very good.
3. From the last consolidation at 1.545 level, the stock has gained 27% and now forming a flag consolidation around 1.985.
The price action probability looks good for it to break out after consolidation on the upside, and that gives us a target of another ~ 25%.. coinciding with 2 critical resistance points;
(A) The resistance at 2.35 price from Jan-Mar'23.
(B) This also happens to be the 0.5 Fib level from the last big correction.
4. If and when the stock reaches 2.35 and can hold well, then you see the clear blank blue sky from there on for the price to soar to 3.85
[ Wish Wish...]
Good luck trading...
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Last
$2.46 |
Change
-0.030(1.20%) |
Mkt cap ! $1.699B |
Open | High | Low | Value | Volume |
$2.45 | $2.51 | $2.38 | $5.046M | 2.064M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
3 | 12469 | $2.44 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$2.46 | 499 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
2 | 11549 | 2.440 |
1 | 2767 | 2.430 |
6 | 25192 | 2.420 |
9 | 45182 | 2.410 |
5 | 17290 | 2.400 |
Price($) | Vol. | No. |
---|---|---|
2.460 | 499 | 1 |
2.470 | 24852 | 4 |
2.480 | 15296 | 2 |
2.490 | 22040 | 2 |
2.500 | 2040 | 1 |
Last trade - 16.10pm 27/08/2024 (20 minute delay) ? |
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Dani Nadri, Country Manager Australia
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Country Manager Australia
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