IS PPT A WATCHLIST/STALKING CANDIDATE ?

pptdailytctTop chart is the DAILY and the bottom is WEEKLY.

WATCHLIST & STALKING are very important in WYCKOFF METHOD. Without them analysis is not possible. It requires a large amount of patience and study of charts.

I have exchanged some PPT charts via email with my  friend James, who lives up the road from me here in Melbourne over the weekend.

We both picked the HEAD & SHOULDERS TOP which had it’s BEARISH target exceeded as of this writing. In addition to that we have looked at the BEARISH P&F TARGET for PPT which is not yet met. That target is at $43.50. Will it get there ? No one knows. But one thing for sure is that the current downtrend of the daily may be coming to an end. Confirmation by price action is always first and foremost and that is yet to be received. Even if it is on hand that doesn’t mean that the down trend of daily is reversed. All it  would mean is that a halt to this strong daily downtrend.

Why did I bring PPT up ? The VOLUME of the last few trading days caught my eye ( check the daily chart at the top), I have been stalking it ever since the completion of the H&S TOP. A huge increase in volume at a  MAJOR CHART SUPPOPRT of WEEKLY TIME FRAME (Bottom Chart), was like having a SCLX ( Selling Climax ). We will only know whether or not that may be the case after a while when the AR ( Automatic Rally ) is confirmed. But for now it is in my WYCKOFF STALKING WATCHLIST.

On the WEEKLY CHART take a look at the UP TRENDING CHANNEL with 2 solid pink support/as well as resistance lines. Third dashed pink line is what I consider as OVERBOUGHT LINE . I have also marked the most recent as well as the prior corrective periods with BLUE, in case someone wants to zoom in with their charting package, to examine the overbought conditions/top formation.

Disclaimer

All the information and analysis provided on this website is general in nature and for educational purposes only and does not constitute financial advice. No content in any way implies a recommendation to buy, sell or short sell any financial instrument, nor is it financial advice.

Investing and trading in financial markets carries considerable risk, and should always be done in consultation with a licensed financial adviser taking your personal circumstances, financial situation, objectives and needs into consideration.

 

pptweeklytct

 

 

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