Mixed charts overnight Bulls survived the first support test last night since the 22nd April 8030 xjo got tested & didn't roll over No breakout, but a failed dip is just as nice to see (for now)
If the xjo can hold 8030 until monday, even if it doesn't breakout (just to hold it up with profit taking & short attempts to end the week), it could begin its next leg up by next week 8340 target by the 9th of May (this will be the end of the road channel if the market refuses to breakout by June) Fence jumps will be 8140, 8120 or 8100 (depending on the day)
That's assuming market doesn't flush or roll over before then Today will either be a repeat of overnight trading or a rush above 8250 (by friday night) to create a red candle flush Monday, without taking out the 8030 support channel that just got tested (could retest 8030 next week if it doesn't get tested today)
What does this have to do with PNV? Nothing really It just takes the selling pressure off if it pumps & when you have over 70m shorts, any buying will create a domino effect 1.28 is the fence jump for PNV (Not a breakout) If the market pumps, that's what PNV needs to take out Day traders will want 1.18 to hold. That's an easy uptrend to track (trading between 1.18 & 1.23 is fine if the market is going nowhere)
If the market flushes or tests 8030... 1.14 is still an uptrend (when it bounces) but that's a very poor dip attempt & should give buyers some confidence 1.07 is a serious attempt at taking out day trading buyers, but keeps the chart intact to get back to 1.38, if it recovers (1.38 is my attempted breakout marker)
PNV Price at posting:
$1.21 Sentiment: None Disclosure: Held
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