PSN I do not provide personal investment advice and I am not a qualified licensed investment advisor.
Persimmon
Persimmon could see -5% pull backGaps normally get filled pretty quickly on the 1 day Persimmon chart, and with RSI levels being quite high a pull back is likely in my opinion.
Persimmon - Bullish breakBullish from the downward channel marks the continuation of the rally from the Brexit day low. On the higher side, major resistance is seen around 1900-1910 levels (falling trend line resistance).
On the downside, only a daily close below 1800 would signal bullish invalidation.
Persimmon – Bearish outside day candle at critical resistanceThe stock retreated from the critical resistance around the psychological figure of 1800 and was last seen trading around 1732.
The daily candle is now a bearish outside day.
A break below 1700 would open doors for a test of the falling channel floor seen today around 1573.
Persimmon (PSN LN) ahead of earnings (2nd Nov)Tomorrow brings the earnings of UK home builder Persimmon.
UK home builders have performed well in recent times with the UK government backing the housing market with expansion plans. In terms of recent broker recommendations UBS, Credit Suisse and Canaccord have all upgraded to company within the last 4 months.
* The weekly chart is showing bullish hammer candles.
* On the hourly chart we are at a relatively low level.
* On the Daily chart we support at the upward trendline.
* Could see resistance at the downward trendline on the linked chart.
* In regards to Volume the VPOC (Oct) is at around the 1726.13 area, do not be surprised if this is a support level.
* Oct high of 1892.65, Low of 1648.88 and highest amount of contracts exchanged (Value) 1725.30
R4 1648.88
R3 1831.04
R2 1787.93
R1 1735.39
Current 1731.00
S1 1720.63
S2 1648.88
Persimmon – Attempting a bullish breakDaily chart pattern – Rising channel
Housebuilder Persimmon has reported a 29% jump in first-half profits and said customer interest since the Brexit vote has been "robust". At the time of writing, shares were up 3.68% at 1860 levels. Daily high stands at 1884 levels.
A bullish break above 200-DMA level of 1901 would open doors for pre-Brexit level of 2125. The daily RSI and money flow index remain supportive of such a move.
On the lower side, only day end close below 50-DMA (seen today at 1657) would signal the corrective rally from the post Brexit lows has ended.
Persimmon - inverse flg and pole, RSI signaling weaknessHourly chart has -
Inverse flag and pole formation. This a continuation pattern which means a bearish break signals continuation the downtrend.
The hourly RSI has formed falling tops, which suggests the odds of prices moving towards a bearish break are high.
