PPK is a stock I haven’t looked at before but price has a very clear Elliott Wave count (something I always like) and seems to have recently started rising on Wave 3 – the longest and strongest rising wave in a price cycle. There is a strong level of resistance at $4.85 and a break and close above that level suggests a short- term target of $6.07 and potentially a higher target of $6.70. The higher target has the stronger pattern so that is my guess where price will head in the short to medium term. Incidentally, price movements last week suggested that the $4.85 resistance was an even earlier target, albeit now not sufficiently far enough above current price for it to pass the risk/reward test, Price is in an uptrend, above a valid weekly uptrend and making higher troughs and peaks on the weekly chart. In summary, PPK has a very strong chart and for me an aggressive buy at the current price (based on an expectation of price moving above $4.85) but it would not be unexpected for price to fall back after achieving $4.85. Anyone buying now would need to watch price closely around that target level and have a solid stop loss policy. The more conservative approach would be to wait for price to move above $4.85 but that could see less potential profit in the trade and given the 8.5% move up last Friday (17% for the week), there is always the risk of 'missing the bus' if there is a continued strong move up. That said I've bought a few this morning.
PPK Charting
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Last
55.5¢ |
Change
0.005(0.91%) |
Mkt cap ! $49.47M |
Open | High | Low | Value | Volume |
54.5¢ | 56.0¢ | 52.0¢ | $34.60K | 62.68K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
2 | 12150 | 55.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
56.5¢ | 1002 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
2 | 12150 | 0.555 |
1 | 338 | 0.550 |
1 | 3000 | 0.545 |
1 | 1000 | 0.530 |
2 | 7000 | 0.520 |
Price($) | Vol. | No. |
---|---|---|
0.565 | 1002 | 2 |
0.575 | 366 | 2 |
0.580 | 5000 | 1 |
0.605 | 2500 | 1 |
0.610 | 9500 | 1 |
Last trade - 11.18am 04/07/2024 (20 minute delay) ? |
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PPK (ASX) Chart |
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Adrian Costello, Executive Director
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