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
$28.95 |
Change
-0.200(0.69%) |
Mkt cap ! $4.616B | |||
| Open | High | Low | Value | Volume |
| $29.10 | $29.22 | $28.86 | $7.865M | 271.3K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 35 | $28.89 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $28.95 | 4492 | 1 |
View Market Depth
| Last trade - 16.10pm 03/05/2024 (20 minute delay) ? |
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Last
$28.86 |
Change
-0.200 ( 0.89 %) |
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| Open | High | Low | Volume | ||
| $29.17 | $29.20 | $28.86 | 59172 | ||
| Last updated 15.59pm 03/05/2024 ? | |||||
| PMV (ASX) Chart |