PME daily GMMA chart attached below. Note how price is still above rising longer-term 150 and 200-day exponential moving averages. However, many traders' trailing stop losses would have been hit, hence they would have recently exited PME. The first exit point was a Guppy CBL at $15.93. The second wider trailing stop loss was 3 x ATR at $15.54. This is the green dotted line. The 4 x ATR exit line is $14.93 that was breached today at $14.83 close.
Note how 3 x ATR triggered an exit back on Jan 30, 2019 at circa $12.28, but price subsequently recovered. This indicates that a 4 x ATR trailing stop may be more suitable for PME. Each stock exhibits different average volatility that require different ATR multiples.
A possible buy entry is immediately after price trades above today's $14.87 high. However, if price continues to fall below today's $14.60 low, the potential entry point needs to be re-calculated. This is a retracement (or buy on weakness) trend trade that I currently have on my radar.
PME daily GMMA chart attached below. Note how price is still...
Add PME (ASX) to my watchlist
 (20min delay)
|
|||||
|
Last
$113.52 |
Change
1.420(1.27%) |
Mkt cap ! $11.85B | |||
| Open | High | Low | Value | Volume |
| $112.10 | $113.93 | $112.06 | $16.17M | 142.6K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 144 | $113.50 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $113.67 | 328 | 1 |
View Market Depth
| Last trade - 16.10pm 03/05/2024 (20 minute delay) ? |
|
|||||
|
Last
$113.59 |
Change
1.420 ( 1.11 %) |
||||
| Open | High | Low | Volume | ||
| $112.17 | $113.91 | $112.17 | 26535 | ||
| Last updated 15.59pm 03/05/2024 ? | |||||
| PME (ASX) Chart |