Noting much to add tbh I think we test support today & another boring day
Another fail overnight by bears trying to roll the market over (Still no official breakout though, so I'll still call it consolidation) 3 sessions in a row now, without bears rolling the market over, so still a chance for bulls to breakout tonight when it turns (continue the squeeze from the 7th april. Market has only had 2 mini flushes since. Currently still in the 2nd until we jump the fence)
But as I tried to explain at the end of april, the PNV bears will not be covering until the conditions support a breakout This could work out very well for the PNV bulls in the short term By the time the conditions support the breakout, the market has already taken off (That's assuming it does breakout, before the next correction comes) We can deal with the subsequent problems associated with this at a later date. (By the time shareholders think it's time to buy because of the breakout, it's almost time to start setting up for the next correction) Yes, I'm still worried about the next correction
PNV closing above 1.32 today keeps us in the breakout channel of 1.38 (I disagree about 1.30 being the breakout level some of you believe) Bounce off 1.24 is an easier backtest if the market tests support first
XJO needs to close above 8160 (8140 tomo)
Market has to breakout by tomo night (or at least move up another leg) or bulls may be in trouble short term
PNV Price at posting:
$1.31 Sentiment: None Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)