$JSEPPE - Purple Group: Double Top & Zero-Line Rejections
Purple is a retail investor favourite.
The share price has dropped more than 50% from its all time high of 350 zac.
The MACD indicator shows an interesting relationship with price.
The peak at 350 relative to the previous peak of 349 created a double top formation and the MACD had a clear bearish divergence formation.
The MACD has made two attempts to break above the zero-line, which is viewed as bullish, but on both occasions failed (rejected) and price has continued to trend lower.
The MACD is again making an attempt to break above the zero line.
The double top peak (350) to neckline (198) price range is 152 zac.
Projecting this range from 198 gives a double top bottom target at 46 zac.
PPE is is not showing any reversal signs yet but it is probably a little late to short so I will sit on my hands and monitor price and momentum.
The share price has dropped more than 50% from its all time high of 350 zac.
The MACD indicator shows an interesting relationship with price.
The peak at 350 relative to the previous peak of 349 created a double top formation and the MACD had a clear bearish divergence formation.
The MACD has made two attempts to break above the zero-line, which is viewed as bullish, but on both occasions failed (rejected) and price has continued to trend lower.
The MACD is again making an attempt to break above the zero line.
The double top peak (350) to neckline (198) price range is 152 zac.
Projecting this range from 198 gives a double top bottom target at 46 zac.
PPE is is not showing any reversal signs yet but it is probably a little late to short so I will sit on my hands and monitor price and momentum.
