On the chert above we see PA has slid down the New Cup Wall and has now reached an area that will have the Lower trendline of a Long Term rising channel as support, there by pushing PA higher, even if slightly.
But more than this,, PA has ranged horizontal on a potential bottom for enough days that we may expect a push higher, if we repeat past Moves.
Have a look at this.
The Bottoms in 2018 / 2019 and in 2022 / 2023 Ranged for similar day count.
2018 / 2018 - 49 days
2022 / 2023 - 56 days
The 2013 / 2014 was slightly different but still had 56 days along the lower trend line of the Channel that had just been created.....
See how PA ranged along the trend line and bounced. That was 56 days, the same as we have just doen.
We ALL need to be aware that PA could repeat this move that we had in 2014. PA bounced off the lower trendline, Rose to the 0,25 line, Blue Dashed line of channel, and then fell back down and out of channel but remained in Cup.
Lets look at the bigger picture a moment.
See the trendline that all those Lows have been on recently and in fact, if we look it is the same Trend line PA is now on.
See how Current PA had an ATH in this channel, the same way that the 2013 ATH was All other ATH were out of channel.
As a result, the draw down to the lower trend line of channel was Rapid, as it has just been.
And we can see how the Cup in 2013 fell out of channel in a very similar way that the New Current Cup has
This does not mean that PA will repeat things again.but it is possible.
Shoudl we bounce now and repeat that 2014 rise to the Channel 0.25 line, we could see a rise in the range of 80K - 100K before a possible turn down again.
Reasons why I think we have Hit a potential bottom
PA sits on the 200 week SMA and previous Cycle VWAP
The RSI VWAP weekly is in a traditional Bottom zone
SOPR signals are sending Bullish ideas
And so many more.
As ever, we do have to wait and see though but, as I said, do be VERY Careful when we get to the 80K mark..... IF we do anytime soon.............
Nothing to be taken as Financial advice.
I will always say
"Only invest what you can afford to loose. When you are ready, take out your original investment. This way, it is only your profit that is at risk"
THAT is Financial advice
I will always say
"Only invest what you can afford to loose. When you are ready, take out your original investment. This way, it is only your profit that is at risk"
THAT is Financial advice
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.
Nothing to be taken as Financial advice.
I will always say
"Only invest what you can afford to loose. When you are ready, take out your original investment. This way, it is only your profit that is at risk"
THAT is Financial advice
I will always say
"Only invest what you can afford to loose. When you are ready, take out your original investment. This way, it is only your profit that is at risk"
THAT is Financial advice
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.