PPH with Potential False Breakdown
Updated
The monthly chart of PPH shows we had a falling wedge from which price broke to the downside, we have had a swing low on the monthly chart, if we recover the wedge we will have confirmation that the move down was a false breakdown, this will be a very bullish setup with price expected to move swiftly to close above the purple resistance.
Stop-Loss If we get price going below R16.03 we would have a failed daily cycle meaning there is a high chance we go lower than recent low.
Stop-Loss If we get price going below R16.03 we would have a failed daily cycle meaning there is a high chance we go lower than recent low.
Comment
PPH appears to be consolidating below the yearly defining line, we can expect price to move and close above. This is also an ideal place to harvest most profit in case we get a drawdown.Comment
PPH looks set to close above the yearly resistance and confirm a yearly low. While there might be more upside, one must look to harvest profit.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.