PLS trade ideas
ASX:PLSprice has made a higher swing low with buyers making an outside day, high probability for continuation to upside
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 WEDGE BREAKOUTBuyers have come into market to make a breakout from upper trend line of a large wedge pattern
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.
PLS - ASX - Weekly - Bullish outlookLooking for a bounce off the 314 moving average with some bullish evidence,
Also just below the 314 is a prior consolidation range..
it is also the bottom of the downward trend channel..
I will be keeping an eye out during august for some decent price action.
If trade plays out a ride back to the 200MA and top of the channel will be a nice target. :)
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.
$PLS In words of DMX "heeere we go again!" Price target $1.12Double bottom now at play. Refer to notes for my reasonings.
My analysis of the triple bottom can be seen here, so potential high rewards like last time:
Let's hope big Trump gives good vibes to the market, he seems to be f-ing up lately.
Negatives:
Current lithium carbonate prices
Positives:
Money flowing out of vanadium, could be mean money coming back to lithium, there seems to be a weird confluence there IMO
Not financial advice.
PLS - Downtrend continuesHaving broken thru the .80 zone of support, the downtrend continues with a strong bearish candle for the week (ending tomorrow 07/09). The next level of support is at .67 (the .618 fib level) before it continues to .60 (historical resistance when the script was moving up) . If the stock markets move down due to world events, I cannot discount the price reaching .51 or lower. Currently there is no buy signal and I do not own any PLS stock, nor is this investment advice. These are my thoughts as a potentially future interested investor in PLS.
PLS.ASXI might be lost...
Please dyor and make decisions based on your own analysis. I'm not responsible for your decisions.
$PLS descending channelany run up will produce a lower high at this stage followed by a lower low.
broke level support
Oversold bounce on $PLS 1HR chartCurrent sentiment:
Hard sell off from falling spot prices, unjustified IMO especially when PLS is selling at market prices, but it is what it is.
Goldman Sachs big net sellers, deutsche bank big buyers
High volume in the sell off from the highs
Signs of a reversal are possible:
Dragon fly doji showing on the hourly chart (forming into a bullish hammer)
Dragon fly doji on right on 200ema (past data shows support on 200ema)
Oversold RSI
Risks:
moderate - high volume sell off
Current sentiment on lithium plays, GXY, AJM, KDR are negative
Personally, great prices for a buy, but needs to hold and bounce from here.
$PLS close to another buy signalSomething was bound to break on this one and it looks like the bulls have made their moves.
Dragonfly doji on support
Bullish expansion on the bollinger bands
Lower lows and higher highs on the RSI
Brokers playing chinese whispers and suggesting the lithium market is oversold is another signal for me.
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.
