PLS 3.83% $2.98 pilbara minerals limited

PLS chart, page-912

  1. 958 Posts.
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    People asking for retrace levels, attached is my PLS guide, i have been trading PLS on a weekly timeframe since the 20/30 cents levels using ichi, first signal in using a bullish 1,2,3 reversal pattern, followed by a bullish TK crossover and retest of the 123 level.
    From there onwards i am only interested in what ichimoku is telling me, my main focus is on the kijun-sen ($0.88900) level as an absolute must not break level. obviously its a possibility but i just don't see it happening unless, captitulation to a degree...

    Allowing for over performance to the downside and a break of kijun-sen id be looking towards the $0.69-0.75 cent mark as a buy zone.
    However, from my experience in strong robust uptrends tenkan level ($1.08150) is usually a very good area to pinpoint for opening a new buy order. (always allowing for some over performance) , not so much an issue for share purchasers, more a hazard for leverage traders.

    In saying that though, i'm not fussed one bit about what i see as some choice profit taking at the upper levels shown on the chart, being a previous market top and obvious resistance level, the current sell down appears to be running out of steam in my opinion, hope i don't put the mocka on it now!

    Im not much of a fundamentals guy but from where i sit PLS looks strong with a good captain at the helm, long term view on the sector backed by technicals i am holding and buying all touches of tenkan/kijun on 1W timeframe.

    not financial advice, just my take on the charts and hoping to settle the nerves of others who are getting antsy by the sell down....
    Hope this is of assistance to others.
    GLTA !!!

    https://hotcopper.com.au/data/attachments/2847/2847688-26e905cc4ca2f07f7989aa4176e0a987.jpg
 
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Last trade - 16.10pm 26/07/2024 (20 minute delay) ?
PLS (ASX) Chart
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