week 2 trade PGMentry at current price
target via chart +10%
very tight stop loss on this one
personal use only
Platina Resources Limited
No trades
Market insights
ASX: Platina ResourcesFactors
1. Price has experienced a very LT downtrend
2. Price slowly moving out of the upper LT trendline.
3. EMA is crossing
4. There is an overhead gap at 4.7c & 5.7 which I would be looking to target.
5. Potential fundamental catalyst
6. Recent increase in volume
Possible Reasons For Failure
1. Base may not form
2. Prices may continue to downtrend
3. No bullish price action/candlestick pattern to initiate breakout trade
4. Target might be too optimistic
5. Potential fundamental catalyst to drop prices
Watchlist and keep an eye on 2.5c level.
PGM Last hope?Is this PGM's last hope before it descends into the depths of Hell?? :)
In order to defend its Weekly higher low pattern PGM needs yet another bounce off its 200 Week moving average. It has closed below the moving average with every other moving average shot. 50, 100 day etc sma ema..
The Daily RSI is almost oversold but not just yet which could merit a bounce and quick filp BUT there is still room for downside in that daily RSI so caution is key..
More downside will see PGM break its Weekly higher low pattern which is its last hope.. potentially .
Next support's @ 86 , 77 and 65
Best way to play this is DONT. Unless we get a bounce and wait for a confirmation.. What confirmation? the confirmation for me personally will be when
1.We get a bounce and break above the 16 and 36 EMA on Dialy timeframe
2.When we get a pull back and find support on the 36 period EMA.
3.When we get a 16 and 36 period ema cross (Buy Signal)
The bear volume on daily has increased but this cold just be the final bear climax before a bounce off the 200 week moving average.
Lets see.. :) The monthly Bear volume is decreasing so we could be seeing the last of the bears..
Confirmation is your friend.
PGMPGM coming close to previous support at 0.10 cent and even bigger support at 0.090. 20 period EMA currently acting as resistance.
Plans for trade:
Wait for PGM to bounce on support at either 0.10 cent or 0.090 cent.
Wait for confirmation of EMA to Cross SMA before taking position
Bullish indicators
PGM is in a strong uptrend
Declining Bear Volume on Monthly chart.
Targets on Confirmation longterm.
Remember to always lock in profits as a lot of other trader's will be selling at these levels so better to lock in profit before resistance levels.
T1 = .0135
T2 = .0160
T3 = .0175
PNG For the main man GPNG is consolidating on decreasing volume which is usually a bullish sign as there is no real Bear volume in the pull back. the volume has dropped right off and the RSI is on a level that in the past has sprung from to the upside.
Looking at the daily PGM has touched the "new trend line" and had a nice bounce forming a higher low.
The Daily MACD is about to cross Bearish and this may see one last flush to the down side and perhaps use the "old trend line" as support before we see a spring to the upside.
Scouting an entry between .105 and .095
Target's are at point a,b and c on graph which are previous resistance levels.
Stoploss for this one .085 below the last swing low.
PGMizzle's next run?- Break from downtrend
- New higher high and higher low on the daily
- Potential weekly cup & handle
- Awaiting some more confirmation on trend
