We mapped the bearish case for PPH, price is now trending towards a confluence of support. The R17.85 area is where the 200 week moving average and the lower support line of the falling wedge intersect. A line of resistance can be drawn from 7 November 2022 through 30 January 2023, when price closes above this line & the 10DMA, it signal a trend change to the upside.
Risk: There is a chance price will be rejected on the upper resistance line, therefore one must exercise caution with tight stop-loss.
Risk: There is a chance price will be rejected on the upper resistance line, therefore one must exercise caution with tight stop-loss.
Comment:
PPH has dragged longer now in daily cycle 5, the indicators on the weekly time frame have bottomed, the DCL for this cycle can be expected to be confirmed the weekly and yearly low price point.
Trade closed manually
