If at first you do not succeed, then try & try againSince Nov 2019, it has hit the $0.39c - $0.42c zone & failed to breakout. Will the latest effort succeed ?
PLS
Pilbara Minerals - A previous darling of the marketThe stock was a previous darling of the markets. I called a bearish LT trend on Hot Copper when the price was $0.97c. Expecting a price of around $0.35c got me viciously trolled..that was enough for me to quit Hot Copper permanently. This is now forming an inverted H&S pattern. The price is approaching the neckline zone & it is worth adding to the watch list for future price action may provide a trade. If it breaks & retests the break successfully, the target price is indicative.
Cup & Handle PLS going up ? I am seeing a potential cup and handle for PLS stock. Let's see this grow.
PLS/AUD - Bounce off key level & trend breakAfter identifying an early break of bearish trend last week, I decided to give Pilbara Minerals Ltd (ASX:PLS) a week to see how it would perform. And what a strong week it was! Finishing #3 (+9.7%) out of the Top200 (imgur.com) was a strong statement from the bulls. PLS has been on a long, slow bleed since December '17 but it's now looking more attractive to astute swing traders and investors looking to add to their positions.
My reasoning:
Location: Reload zone
Structure: Double bottom off the 786
Divergence: Confirmed div in histogram, willy and RSI
Weekly gap above, between 0.655 - 0.685 (marked by green lines)
Trend: Break of bearish trend commencing July '18
Areas of concern:
VPVR gap below is nasty. Filling that void would result in ~53% drop from current prices.
While we have seen some strong moves from buyers, the weekly OBV is still under its 13EMA.
Unsure whether to classify the gap @ 0.215 as filled as we only had a partial candle close therein.
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ASX:PLS Pilbara - How much more to correct?Pilbara ASX:PLS has corrected nearly 85% from all time highs since Dec/Jan18. Now it is sitting at the Fib 0.854 @ $0.485. How much more will it continue to be shorted? PLS is one of the most heavily shorted stock on the ASX by the way.
The previous bull flag took 69 weeks to complete. Although there might be no correlation but price-action is printing a similar pattern. I am hoping that this is a legit bull flag and that it will bounce here, otherwise we might be looking at $0.41 at the bottom of the channel before a bounce. Let's hope this legit bull flag will bring the price up to the top of the channel for a clean break out.
See you at 17.5keks for $BTCOnly posting for the chance that I get points from the clout gods. Pls corn
ASX:PLS Pilbara MineralsToo early to tell but i am jumping the gun here. We need a close above 0.73 and a confirmation as well to be (more) sure. I do really like the forming of the bull flag in the weekly. In addition, there's a mini ascending triangle forming in the bull flag. Let's go!!!
Target : 0.89
Close below 0.65 invalidates this outlook.
ASX: PLS going to the bottom of the channelJust be wary that ASX:PLS might fall to the bottom of the channel. Thick bearish clouds ahead and RSI has more lows to go.
Pizza gonna try to hedge againD1 + 4hr Bear OB + .705 OTE Resistance confluence.
Paint the swing high then run the liquidity.
ASX: PLS Pilbara MineralsASX:PLS We are pounding on the support line $0.865 the third time.
I am not confident that this support will hold, look for support around $0.81.
The TK cross last week above the clouds was a sign of an incoming bearish signal albeit a weak one. Yet the prices continue to fall and refused to close above the clouds for 2 consecutive days already. I believe that prices will continue to trend south.
A break and close above $0.91 will invalidate this view.
ASX: PLS Pilbara Minerals - Bearish Outlook on the 1WIt seems like bulls have refused to push above and beyond 0.95. Bears are winning for now. The coming week, I expect a pullback to the 55 EMA highlighted in grey box.
If hell breaks lose, we will go down to the 100 day EMA also highlighted in grey box.
My weekly indicators are bearish and unless we break above 0.95, my bearish outlook remains. Chart will be invalidated when price breaks with conviction above 0.95.
ASX: PLS Pilbara Minerals Where are we heading first?The volume on Pilbara is declining. That can mean 2 things. Investors are holding it and waiting for a good sell entry, or when volume comes in, weak hands will be shaken off.
I am still hopeful for PLS to test the upper channel of the ascending triangle and hoping for a miracle to break upwards. But left side of the chart shows that an ascending triangle can fail and that's worrying because we might repeat here!
1W RSI is pointing down. My guess is as good as yours.
**not financial advice**
PLS Pilbara looks set to retest 0.95Prices of PLS is now residing in the cloud. Last week 1D close has formed an ascending triangle.
If prices do not fall under the cloud, we should see PLS testing the top of the ascending triangle at $0.95 and hopefully, a breakout to $1.00 this week.
$PLS Pilbara one more lithium boost$PLS Pilbara seems to be on the Elliot Wave 5 path now.
Anyhow, in Ichimoku terms,
1. TK cross bullish
2. Chikun above price - Bullish
3. Break above clouds
4. Target: $1.00
5. SL @ $0.91
Pilbara (ASX:PLS) Possible Bottom Possible bottom in place for PLS.
T1 - 0.48 ; T2 - 0.52 ; T3 - 0.60 ; SL 0:41
