PNV Weekly Chart Analysis15-Feb-2024 : Keeping it Simple with...

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15/02/24

19:36

Post #: 72431048
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Originally posted by Asxcharts: ↑

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.

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PNV Weekly Chart Analysis
15-Feb-2024 : Keeping it Simple with Price Action & Technical Analysis..

Check my previous analysis posts on PNV;
PNV Post by ASXCharts - 22-Jan-2024
PNV Post by ASXCharts - 22-Jan2024
PNV Daily & Weekly Analysis Post - 2-Feb-2024

PNV has been an exciting stock and some interesting price action stories on the Weekly Charts.
Let's analyze the price action and see if this has the momentum to go higher.

1. The middle dotted line is the downtrend trendline, which was retested and failed a year ago in Jan'23.
We can see the stock is now AGAIN at the same resistance point on the trend line, and this week's long candle indicates good strength, plus RSI close to 70. Very good.

2. The lower RED resistance line is from another lower point, and as we can it it coincides well with that retest failed with the huge volume I have marked in Mar'23.
What's very interesting is, that the stock price is now at EXACTLY the same price point where that huge sell had happened.
That means between Mar'23 and now, PNV has completed a full 100% "V" recovery. Very good.
You can also see a very nice bookish "Inverse Head & Shoulders" pattern... Very good.

3. From the last consolidation at 1.545 level, the stock has gained 27% and now forming a flag consolidation around 1.985.
The price action probability looks good for it to break out after consolidation on the upside, and that gives us a target of another ~ 25%.. coinciding with 2 critical resistance points;
(A) The resistance at 2.35 price from Jan-Mar'23.
(B) This also happens to be the 0.5 Fib level from the last big correction.

4. If and when the stock reaches 2.35 and can hold well, then you see the clear blank blue sky from there on for the price to soar to 3.85
[ Wish Wish... ]

Good luck trading...

PNV Price at posting: $1.97 Sentiment: Buy Disclosure: Held
17 Upvote

7 Great analysis

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