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
$3.79 |
Change
-0.010(0.26%) |
Mkt cap ! $11.40B |
Open | High | Low | Value | Volume |
$3.83 | $3.87 | $3.74 | $185.9M | 49.02M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
4 | 1585992 | $3.79 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$3.80 | 533583 | 19 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
4 | 1585992 | 3.790 |
2 | 1038970 | 3.780 |
4 | 1072461 | 3.770 |
11 | 783044 | 3.760 |
20 | 2279115 | 3.750 |
Price($) | Vol. | No. |
---|---|---|
3.800 | 111158 | 15 |
3.810 | 178544 | 7 |
3.820 | 227120 | 8 |
3.830 | 211478 | 5 |
3.840 | 140213 | 7 |
Last trade - 16.10pm 31/05/2024 (20 minute delay) ? |
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Last
$3.78 |
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Change
-0.010 ( 0.53 %) |
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Open | High | Low | Volume | ||
$3.83 | $3.87 | $3.74 | 9679943 | ||
Last updated 15.59pm 31/05/2024 ? |
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PLS (ASX) Chart |