From Market IndexST/LT Trends: ⬆️/⬆️
Price Action: ⬆️Peaks & ⬆️Troughs
Candles: Predominantly demand-side
Key levels: Supply @ $50.84 vs Demand @ $48.74, $49.07
View: I tweeted the odd Pilbara Minerals chart over the course of 2023. I turned bearish after the two big black candles on 14-15 August. Judging by the replies to my tweets since that time, I propose Pilbara Minerals has possibly the most loyal shareholders of any ASX company! They certainly didn’t like my views on their darling!
Well, I have some good news and some bad news PLS loyalists. The good news is the chart shows some very solid signs of a major low being bashed out. I’d say there’s better than a 50-50 chance $3.10 will stand as a major turning point.
The massive white candle on that day is typical of short covering – and we all know how important this will be for PLS. Higher peaks and higher troughs since, along with a spattering of demand side candles demonstrates some speculative and positional buying since then.
The bad news is the $4 level appears to hold with it some motivated supply. The recent peaks at $4.01 and $4 on 15 December and 2 January respectively demonstrate this. Troughs continue to print higher – that’s encouraging because it speaks of continued building demand.
Ideally, we don’t see a close below $3.71, but before that, preferably not below the ST trend ribbon (currently $3.77-$3.81). Basically, if PLS can clear that pesky supply zone, it could continue its climb back towards the major August peak. Black candles / upward pointing shadows will kill this rally, while a big black candle closing above $4.01 and preferably the LT trend ribbon (currently $4.07-$4.11) will redeem it.
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Last
$4.00 |
Change
0.030(0.76%) |
Mkt cap ! $12.12B |
Open | High | Low | Value | Volume |
$4.05 | $4.07 | $3.99 | $22.83M | 5.663M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
30 | 51139 | $4.00 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$4.01 | 129108 | 56 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
23 | 48333 | 4.000 |
42 | 138803 | 3.990 |
32 | 154983 | 3.980 |
34 | 206430 | 3.970 |
24 | 528438 | 3.960 |
Price($) | Vol. | No. |
---|---|---|
4.010 | 97493 | 54 |
4.020 | 238261 | 24 |
4.030 | 266350 | 25 |
4.040 | 142662 | 23 |
4.050 | 172761 | 22 |
Last trade - 12.24pm 15/05/2024 (20 minute delay) ? |
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Last
$3.99 |
  |
Change
0.030 ( 0.05 %) |
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Open | High | Low | Volume | ||
$4.04 | $4.07 | $3.99 | 1295987 | ||
Last updated 12.43pm 15/05/2024 ? |
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