Hi Folks
Its been a while since I last posted on this thread almost 2 months. The share price is approaching my first entry point being the 65-67 cent range (second being 57 cents). Today's low of 73 means that the target is within range.
The daily share chart does not look good with the daily Hi-Low candles having traded entirely below the 10 day moving average (10DMA) 16 days ago and since then only touched the line a couple of times. Not a good sign, see attached chart. Also worrying is that in that 16 day period there has been no mini dead cat bounces of at least a couple of days.
https://finance.yahoo.com/chart/PET...jMDAwMDAwIiwiY2hhcnROYW1lIjoiY2hhcnQifX19fQ==The weekly chart does not fill me with confidence. In the next few weeks the 10WMA is about to cross below the 40WMA, A death cross. Also the 40WMA many turn downwards in the next within a month.
I also updated my FIB's taking in the Bigger picture to update my target zone. Using the ultimate high of 1.59 instead of 1.47
Using FIB's to anticipate how low the C wave can go I came up with these number using Hi=1.59 Low=0.815. I arrive at the new target extension zones of :
23.6% ext = 0.63 , 38.2% Ext =0.52 and the 50% ext=0.42.
Now my first entry at around 63-65 cents looks appealing but only lightly . If it continues downward a second entry at the 52-55 range may occur.
On the daily charts there is a second GAP up occurring on the 25 May (gap range 43-48) now if the 50% ext occurs then this gap may be filled. I suspect that this is very highly unlikely but need to be at least be aware of the remote possibility.
So if my second target is reached at 52-55 I still won't go all in.\
Just my opinion, DYOR.
cheers Lies
https://finance.yahoo.com/chart/PET...6IiMwMDAwMDAiLCJjaGFydE5hbWUiOiJjaGFydCJ9fX19
(20min delay)