What a day - bit of a dogfight going on at the 0.014-0.016 level. A case of 'live by the sword, die by the sword' and let the clock run out. For what it's worth from a 'very quick' charting perspective a few observations (on the weekly timeframe):
- Testing fairly established support levels (down to 0.013) - ie, there is demand/buyers there. -Still in long term uptrend. - Directionless sp - observe the oscillator, it's floating sideways now for almost 4 months (no confirmed direction). - Stochastic - about to enter oversold territory on the weekly timeframe - incative of nearing the bottom of current trend (down), and possible reversal. (on the monthly timeframe, it is also getting close to entering oversold). - MacD - floating sideways, very similar to the Jan 2023 - July 2023 timeframe (hence the 2 boxes on the chart) - some very similar patterns occuring here.
What does all this mean? - not much! Chart is in a 'no-mans land' type situation currently. Positive I see is that oversold territory is approaching (approx another 2-3 weeks before we enter at current trajectory), which means it could be painful (or opportunity) within this 0.014-0.016 range until late March/Early April (IMO). BellPotter did dump a further 15m units on 5-Mar (estate), so there is some overhead pressure here.
As has been mentioned previously - needs real fundementals to come into play (which I suspect is what the market is looking for - ie, a bit more certainty that we have a path ahead). Great assymetry from here, pity the entire global economy is going into recession at the same time...hahaha (nervous laugh). Interesting times.
PCL Price at posting:
1.6¢ Sentiment: Buy Disclosure: Held
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