$PSG testing the 200wma (observation)
PSG is testing the underside of the medium term trend line which acted as support since 2015. Recently we have seen the price of PSG run up to test this trendline which failed as support during August. What is also interesting to note is that in 2018 the 200 week moving average (green line) acted as support twice which could now act as resistance on this test. Not making any brave calls here but just an observation of the importance of this level we are currently facing. Should the stock not manage to clear the 200 wma (currently R226.62) on the weekly close.. then watch for the possibility of another move lower in the share. Of course, a close and break above the 200 wma will be important in reinstating the bullish picture for the counter going forward.
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