Disclaimer: I am not saying that the following will definitely happen because it is based on assumptions that may not eventuate. But it is "food for thought" and should generate a lot of "vigorous" if not "heated" discussion.
Hypothesis: Correction could complete at approx $9.00 towards the end of the year (Nov - Dec 2017)
Assumptions:
1. Stock continues to follow long term parabolic uptrend (green up sloping line on attached chart).
2. Stock continues to correct at the current rate of descent.
Calculation:
Correction could end where downtrend line connecting swing point lows (blue line sloping downwards) intersects green parabolic uptrend line.
Note: The price projection matches fairly close to the price levels of the three swing point highs in 2007, 2009 & 2013 which would be a logical level of support.
Whether such a wonderful company as PMV could fall to $9.00 is probably unlikely but stranger things have happened in the stock market.
Monthly Bar Chart
Chart - where & when will the correction end?
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 (20min delay)
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Last
$29.70 |
Change
-0.590(1.95%) |
Mkt cap ! $4.735B | |||
| Open | High | Low | Value | Volume |
| $30.43 | $30.58 | $29.70 | $5.978M | 199.7K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 3 | $29.20 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $30.58 | 2000 | 1 |
View Market Depth
| Last trade - 16.10pm 25/04/2024 (20 minute delay) ? |
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Last
$29.77 |
Change
-0.590 ( 2.03 %) |
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| Open | High | Low | Volume | ||
| $30.50 | $30.58 | $29.73 | 11544 | ||
| Last updated 15.59pm 25/04/2024 ? | |||||
| PMV (ASX) Chart |