PGC.ASX Outlook.

Monthly chart of PGC.ASX from within healthcare sector in defining the position in the big picture which may be complemented by weekly for fine tunning entry/exit.

Range bound/flat price action behaviour is well defined by the Blue box of tricks within a major uptrend.

As re-test of the support is about to resurface again, I believe PGC can now move into priority watchlist warranting further analysis.

Successful re-test of the support may suggest another crack at the resistance line of the box over the coming months. Once resolved (box) with an upside breakout or a downside  breakdown we will know what to expect. For now, I am keeping an eye on the price action at current levels by even visiting daily.

OBV is bearish and it may suggest a distribution box/pattern which may result in a breakdown. Larger trend being up  on the other hand favours an upside breakout. RSI still respecting the 40 level and it is in harmony with the major trend. End of month reading below 40 would be another warning if it does occur.

What else can I say ? remember the KISS factor ( Keep It Simple and Stupid) and watch the support as well as resistance tests/retests as they occur.

Disclosure : Not a holder of PGC.ASX

Charts are courtesy of tradingview.com

Monthly followed by weekly as shown.

pgcmonthly30092018

On the weekly below, very bearish or high volatility bar ( see arrows) followed by small range bars over the last four weeks may suggest smart money finding value and accumulating at current levels and climax at the current leg down being reached as long as support holds.

Is weekly bullish pivot or alike on the horizon ? Or will it fail at the support test ?

Remember Wyckoff Springs which lure the short seller ? Will we see one ?

pgcweekly30092018

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, hold 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.

Links to other websites are inserted for convenience only and do not constitute endorsement of any of the material on those sites, or any associated organisation, product or service. Kazim Agaoglu is not responsible for the content of any site owned by a third party that may be linked to this website and such links are provided as a courtesy with no judgment or warranty being made concerning the suitability, accuracy or otherwise of the content on any such site.

Kazim Agaoglu disclaims any undertakings, warranties or guarantees, express or implied and shall not be liable for any loss or damage whatsoever arising out of in connection with the use of or reliance upon any of the information on this website. The user accepts sole responsibility associated with the use of the material on this site, irrespective of the purpose for which such use or results are applied. The information on this website is no substitute for financial advice.

 

 

 

 

 

 

 

Comments are closed.