Objective Follow-Up Update Post : Momentum continues
22-June-2024 : Keeping It Simple with Price Action & Technical AnalysisThis is a follow-up update on my previous post on 8-June-2024.
Link :
ASXCharts Post on PNV - 8-June-2024The price has made some good movement, and in today's chart I also forecast my own target price based on the Point and Figure Open Counts for Anchor "X" Column.
* If we
observe the last 6 columns after the long anchor column, we can notice a double bottom sell, immediately followed by a double bottom buy. The count of the last column of X has now increased further.
* The
price remains above the 10 period moving average, shown by the bold BLUE line.
* Now
as long as the following 2 conditions are met, I can
forcast the target of 1.35 for myself.. which is the length of the anchor column extended up.
(A) The price remains above the moving average line
(B) The price does not go below 1.7 where the anchor column went its own double-top buy
* Also notice the
long Cup & Handle formation getting developed from Apr-2021, shown by the RED curves. A break above around 2.45, will be a break above the anchor column and the C&H neckline, paving way to the target.
*** I hold this stock and my analysis may be biased and incorrect. DYOR, and always use a Stop-Loss. Good Luck.
