not a stock I follow closely and I had to go a bit of a way back in PPT to find a confirmed base date (as you can see.)
PPT is at an interesting point of support (1) being visited by many of the bluechips at the moment.
The fact that it has got here and refuses to bounce strongly back up - in fact broke the support even if only so briefly - suggests the next move is down.
If $30 breaks then expect some support at (2) AROUND $27.40 where PPT would most likely bounce and retest $30. Maybe it could even do as the banks have and for a short period break back through and retest the primary 50% support.
Then its back to (3) what I refer to regularly as soft support which any break of would indicate an eventual trip to the tertiary support at (4) being around $18.80 imo.
As always this is complete supposition but to the best of my ability and is predictaed by the ongoing presence of a bear market which is what I predict for the foreseeable future (give or take the odd rally.)
Cheers,
PPT Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
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