According to my charts, we are approaching a key focal point...
As I see it, within the next 2-3 weeks, PLA should either break up or down from the medium term, downward-flag pattern, that has developed since the bad news hit last year.
My focal point occurs in about 2 weeks at around 12c to 12.5c!
If it breaks upwards out of this medium term flag, it will then need to comfortably get above 20c in order to signal a possible break-out from the longer term, downward-flag pattern, that it has traded in since first listing back in 2000.
If it breaks down...who knows where it might stop, but given they do have cash in the bank, I suspect it will not be a particularly strong sell-off?
Can't see it taking off for no reason though, so I guess it will need to be announcement driven...unless there is a major jump in commodity prices for some reason.
These are just my interpretations, please feel free to comment!
Cheers!
PLA Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
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