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
37.5¢ |
Change
-0.035(8.54%) |
Mkt cap ! $33.73M |
Open | High | Low | Value | Volume |
41.0¢ | 41.5¢ | 37.5¢ | $43.37K | 108.7K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 986 | 37.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
40.0¢ | 21275 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 986 | 0.375 |
2 | 2851 | 0.370 |
1 | 24904 | 0.365 |
1 | 12500 | 0.360 |
1 | 12643 | 0.355 |
Price($) | Vol. | No. |
---|---|---|
0.400 | 21275 | 1 |
0.425 | 7935 | 1 |
0.435 | 8847 | 1 |
0.445 | 2876 | 1 |
0.450 | 82000 | 2 |
Last trade - 16.10pm 05/08/2024 (20 minute delay) ? |
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PPK (ASX) Chart |