There may be a pullback in our broader market as of this writing. PPS on the other hand, on news, is powering on with a BREAK-OUT. Are we going to see a FOLLOW-THROUGH tomorrow to add extra weight of bullish evidence for this BREA OUT working ? I don’t know the answer to this, but if we did, the most recent high of 53.5 cents may be within a striking distance of the price action on the upside over the coming days. I have marked couple of support levels on the chart ( 40.5 cents and 36.5 cents). Should this BREAKOUT be a genuine one, 40.5 cents is expected to hold on end of day closing basis. Failure of it, would cast a doubt about the validity of the breakout.
Lets not overlook the breakout zone of 45 cents which now reverses it’s role and also becomes a short term support.
Some waking up within the INFORMATION TECHNOLOGY sector may be underway from the looks of things.
Intra day daily chart of PPS shown below.
PnF count will also be taken over the coming days if the BREAKOUT works out.
Disclosure : PPS held.
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