PGSO forming a potential Head & Shoulder pattern.
Updated
CHXEUR:PGSO has been in a huge uptrend since 30th November 2017, soaring over 270% in less than 240 days.
- Now it's in a downtrend, and looks to be forming a H&S formation.
- It broke it's ascending trendline and also failed the recent pullback. (Marked in stapled red)
- Should the price break through the 200 sma, we might see the 50 sma crossing down and generate a bearish death cross.
- If the support line of the H&S formation break (red descending line), the price target should be around the 14.82 area. (Marked by yellow)
To me it looks bearish, but I will remain neutral. I would go short should the H&S pattern be confirmed by a break of it's support line.
As an apprentice of Technical Analysis, any constructive feedback would be greatly appreaciated.
BlackCrown
- Now it's in a downtrend, and looks to be forming a H&S formation.
- It broke it's ascending trendline and also failed the recent pullback. (Marked in stapled red)
- Should the price break through the 200 sma, we might see the 50 sma crossing down and generate a bearish death cross.
- If the support line of the H&S formation break (red descending line), the price target should be around the 14.82 area. (Marked by yellow)
To me it looks bearish, but I will remain neutral. I would go short should the H&S pattern be confirmed by a break of it's support line.
As an apprentice of Technical Analysis, any constructive feedback would be greatly appreaciated.
BlackCrown
Note
Third quarter results disappointed. First support now broken.Will the neckline hold?
Note
And so the neckline has been broken confirming the formation. This gives us a price target of 15.45 with a timeline to complete before or at the 21st of March 2019.
Look Out Below!
Note
Possible bearish h-formation in the making. Continuation to the downside is very likely.
Trade closed: target reached
Target is reached. A bottoming formation would be nice to see in this area for a possible long.
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