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when you have charts with that big red candles , with volumethe...

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andrew9484

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196

01/03/24

23:52

Post #: 72706654
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Originally posted by ByCon: ↑

STTCOMP PGY TA LONG

Pilot energy
SOI- 1.2billion
Market cap - $35million

With my very very basic knowledge of TA, it seems PGY is in an uptrend and the possible previous resistance at 2.6/2.7c has now turned into support. I would have thought waiting for the price to drop back to that trend line would be the time to buy but I see a hammer style candle formed on the daily chart followed by a couple of dojis and there appears to be big support coming in below 2.8c.

Zooming out to the weekly chart shows increased and steady volume rolling through since PGY starting tracking up.

Next major resistance at 3.4-3.5c ????(3.5c should be enough to hit 25% gain) but I’m expecting a little bit of fundamentals might help burst through that over the next month with some news expected regarding investment partners and/or approvals for their carbon capture strategy for the Cliff head gas plant.

I’m not much of a chartist, but if you don’t try you don’t learn I guess. Any pointers,observations or constructive criticisms are appreciated.

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when you have charts with that big red candles , with volume
the most powerful direction signal is what it does outside of the candle

some considerations

If your not holding
buy at bottom, or on the break above

if your holding
Consider a add at the bottom, sell if it breaks Lower
sell at the top, or buy/add if it breaks higher
3 Upvote

1 Great analysis

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