Hi Folks
Back from a short but much needed little holiday down by the coast.
I love PLS long term potential and the recent news of the pre-auction BMX and cash build are very positive, we are swimming strongly, but against a very strong downward current of the world markets.
I have posted a weekly chart and this is just how I read the chart, for good or bad.
The 10WMA is falling and crossed below the 40WMA three weeks ago. Also four weeks ago the weekly hi-lo candle traded entirely below the 10WMA. All bearish signals.
MACD is negative and the weekly RSI(5) is not yet oversold. Bearish.
Two FIB charts seem to be setting up towards a negative extention point. The target zone I have put on the chart.
Can this down trend change? yes but we need the 10WMA to at first flatten, which could prove difficult. Also to breach that downward trend line between recent peaks.
Just the way I read the charts so that I am not surprised by what plays out. As always DYOR.
PS I would love to be wrong.
cheers Lies
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