PNB was again able to hold the 52.50 fort thus establishing a triple bottom. Having the same behaviour as with LC, Macquarie can also be seen accumulating PNB past 2 days. MACD is also starting to turn. Could we finally see a clean break above 57 this time around? I would be adding to my existing positions in the event that it does.
Having almost the same pattern as PNB but without the triple bottom, SCC can also be seen still trading in a range. I'm quite bullish on the behaviour of both stocks since both are consolidating their respective gains from their September lows. All we need now is a trigger that would break them out of their respective ranges and onward to possibly another uptrend. I already have positions in both with cutloss points set a few flucs below the range support but with a trigger to add further in the event that the resistance is broken convincingly towards the upside.
MPI wasn't able to sustain its uptrend after 3.44 failed to hold. It has instead formed a range with 3.40 acting as new support which is also the 200day SMA. Factoring in MACD pointing down, prices might consolidate for now. This is healthy since prices did already rise 32% from its October low. A strong break above 3.60 though would once again trigger the uptrend. Just hope no more new private placement announcements come into the picture else we might see prices falling back down once again.
Good luck with your trades!
All charts courtesy of Citiseconline.
Disclaimer: My above analysis are just that: analysis. I am in not in anyway soliciting for you to buy or sell any security issue. The only person accountable for the trades you make would be yourself and I cannot be held liable in any way for the same.
