PNV Daily & Monthly Chart Analysis.2-Feb-2024 : Keeping it...

PNV Daily & Monthly Chart Analysis.
2-Feb-2024 : Keeping it Simple with Price Action & Technical Analysis..

In hindsight, those posts I did on 22-Jan-2024 were such timely ones. The stock has run ~ 20% since then, and this post is to analyze if it still has the strength to go on. Check the previous posts below.
PNV Post by ASXCharts - 22-Jan-2024
PNV Post by ASXCharts - 22-Jan2024

Updated Daily chart below - 2-Feb-2024;
* That "GAP" has been retested successfully, and should now be a good support.


With the RSI now above 70, we need to go 2 levels up to see the bigger picture and assess if this is going to have strength for a continued move.

Here is the Monthly Chart of PNV, followed by my analysis and comments below it.
My analysis of PNV Monthly chart;
* I have drawn a FIB since the down-trend started in 2021.
* The stock made its lowest low in Mar'22, and since then tried to breach past the .5 FIB level, failed, and made a new "HIGHER" low in Oct'23.
* Since Nov'23, the stock has been making strong green candles every month. As of start of Feb'24, it is already at the sweet spot at .38 FIB level, with RSI showing strength above 50. Remember, this is a MONTHLY chart, so an RSI above 50 holds a lot of weight.
* Interestingly, since Nov'23, the stock on the monthly chart has NOT CLOSED BELOW LAST MONTH'S OPEN.

* If it can maintain this strength, and close Feb'24 higher than .38 FIB level, then there is a high probability it will hit the .5 FIB level at around 2.25.
Around 2.25, there will be a real test of its strength, as it will face its immediate big resistance mark from Feb'23.

** I hold this stock so my opinion may be biased and may have errors. DYOR.. Good luck.