Technical Analysis: (continued from post here in DEC early JAN:
https://shorturl.at/eyAGM ) < worth looking at to see
the progression in the charting patterns.- Data has been analyzed over
weekly timeframe (for consistency, and to better observe longer term entrenched trends).
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Moving Averages (20 day MA - in this case, the thin blue line) - chart is conforming fairly nicely with this, and has done for the last 18 months. See how it peaks above the line, and then in a triangular fashion (the 4 triangles), drops below the MA, before a vicious move the upside (often coinciding with news or fundamental catalysts).
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Triangular Consolidation over the weekly timeframe, is looking good. Very consistent with other triangular consolidation patterns in the past. However, it is yet to drop below the MA (which it has done each time in the past). Hence - the TA is expecting a move potentially to the intraday low of 0.016 or even 0.015 (but I could be wrong - it's been holding very strong in the 0.019-0.020 range for some time)....it's just what the charts tell me.
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Momentum Oscillator - it's been on the downward trajectory for the last 4 weeks. Typically in the past this downward momentum stroke has lasted for between 8-10 weeks (so we are about half-way - according to the charts). It's looking really consistent, controlled, a slow downward move, to weed out the impatient.....the commonly instu play of "death by one thousand cuts"...which does work, as retails slowly see their money wittle away.....don't fall for the trick.
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MACD - has just crossed the signal line (the orange one) to the downside, which typically means there is downward momentum (or overhead pressure...watch the algo trades..) - no sh*t sherlock.....but as it has in each of the other 3 times shown on the chart (blue line crossing down over the orange), it is steadying itself for the upward move. Sooooo - typically this means it's a good time to start building your position, either averaging up, or average down (if you got caught up high)..or simply just hold if your fully vested.
Stochs - Quite clearly we are closer to the bottom than the top (just based the 50 mark - midway point, which we are now slightly below). Good time to absorb any weak sellers, or just be patient, and if your lucking the Stoch will sink deep into the red (oversold) area....in which case, if nothing fundamentally has changed, you should BUY MORE (I will be). Again this is looking really good technically, very controlled downward move.
Overall TA:We are quite clearly in the downward move or our predictable cycle, in a triangular formation, which has been very typical of PCL over the last 18 months. The uptrend is very much still intact, in fact I'd say it's got a very strong uptrend, given it keeps bouncing up above the 20ma. While I believe (based on charting) there could be a little more downside (circa 0.017 - 0.015 - worst case), it would likely recover very quickly from these levels (even intraday 'flash crash' type situations) - which should at all costs be capitalized on (ie, BUY!). A break back above 0.022 on high volume could indicate that the downward consolidation has come to a close...but time will tell. Next major swing-high, is likely in the 0.029 - 0.032 range. Looks tremendous currently, just required patience.
(20min delay)