PNRA is close to breaking out from an advanced pivot at 232.88 which is short term resistance and a move above the descending trend line drawn on both the daily and weekly charts above.
Support can be found along the 21ema as displayed on 2/24 and 3/6.
As PNRA consolidates along the 21ema and tightens up below that descending trend line, it's giving us both a better reward to risk...
I'd use 226.39 as support here. With 232.88 as my entry, the distance between entry and stop loss is only 2.79%! That can allow us to take on a much larger position while risking little!
What I like about the chart:
Take a look at the volume on 2/28 right after PNRA reported earnings. Volume was the highest it has been in well over a year! But volume by itself isn't what we look at. We look at what price does WITH that volume...
On 2/28 PNRA broke above stubborn resistance that it's had for over 6 months and moved to fresh all-time highs!
Since 2/28, PNRA has consolidated in a tight range and on low volume. This tells us that no one is eager to give up shares... PNRA is biding time and is waiting to make its next move which based on the price action, looks to be higher.
Support can be found along the 21ema as displayed on 2/24 and 3/6.
As PNRA consolidates along the 21ema and tightens up below that descending trend line, it's giving us both a better reward to risk...
I'd use 226.39 as support here. With 232.88 as my entry, the distance between entry and stop loss is only 2.79%! That can allow us to take on a much larger position while risking little!
What I like about the chart:
Take a look at the volume on 2/28 right after PNRA reported earnings. Volume was the highest it has been in well over a year! But volume by itself isn't what we look at. We look at what price does WITH that volume...
On 2/28 PNRA broke above stubborn resistance that it's had for over 6 months and moved to fresh all-time highs!
Since 2/28, PNRA has consolidated in a tight range and on low volume. This tells us that no one is eager to give up shares... PNRA is biding time and is waiting to make its next move which based on the price action, looks to be higher.