Factors
1. Price has experienced a very LT downtrend
2. Price slowly moving out of the upper LT trendline.
3. EMA is crossing
4. There is an overhead gap at 4.7c & 5.7 which I would be looking to target.
5. Potential fundamental catalyst
6. Recent increase in volume
Possible Reasons For Failure
1. Base may not form
2. Prices may continue to downtrend
3. No...
Is this PGM's last hope before it descends into the depths of Hell?? :)
In order to defend its Weekly higher low pattern PGM needs yet another bounce off its 200 Week moving average. It has closed below the moving average with every other moving average shot. 50, 100 day etc sma ema..
The Daily RSI is almost oversold but not just yet which could merit a bounce...
PGM coming close to previous support at 0.10 cent and even bigger support at 0.090. 20 period EMA currently acting as resistance.
Plans for trade:
Wait for PGM to bounce on support at either 0.10 cent or 0.090 cent.
Wait for confirmation of EMA to Cross SMA before taking position
Bullish indicators
PGM is in a strong uptrend
Declining Bear Volume on Monthly...
PNG is consolidating on decreasing volume which is usually a bullish sign as there is no real Bear volume in the pull back. the volume has dropped right off and the RSI is on a level that in the past has sprung from to the upside.
Looking at the daily PGM has touched the "new trend line" and had a nice bounce forming a higher low.
The Daily MACD is about to...
