Employing Bar and PnF charts for in depth analysis of PLS.ASX.
Bar chart of 60 Min. (first chart) is self-explanatory with couple of bars of interest marked. First bar (10/11/2017 marked with Red box) shows where the SMART – MONEY started OFF-LOADING/DISTRIBUTING their holdings of PLS to the over excited public participants and recent low of 19/01 marked with Blue box showing their presence/interest in the stock again. Are they re accumulating ?
TWO BARS of INTEREST may be studied by tape readers since they have similarities of climactic price action behaviour.
Will PLS go anywhere in a hurry (resume a new uptrend) ? I doubt it in the short term. This said, it doesn’t mean that meaningful short covering rally may not happen. If it did occur (short covering rally) that would help us technicians further in our medium term analysis of PLS.
As with the PnF 3 Box chart, it shows the bearish count and also highlights the current zone as an important zone of support. Will this level hold as a support ?
Disclosure : I have no open position with PLS.ASX
FREE charts are courtesy of tradingview.com in the order of 60 Mins followed by Daily and PnF 3 Box.
60 Mins Below.
PnF 3 Box H/L below.
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