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.
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 ?
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