IP update
IP continues along in it's symmetrical wedge with continued signs of breakout attempts to the upside. There have been a couple sporadic attempts at new lows and highs which were bought up/sold off quickly.
Important lines in the chart:
1. Solid white lines: The long term down trend from 2018. The line at $40 will be the strongest resistance once (if) it finally gets there.
2. Horizontal Purple: The high of April at 37.35. This seems to be an important resistance. Looking back on the long term chart this number was touched in a number of spots acting as resistance. This point has been tested 7 times over the past month, with 4 in the last week and even one close above.
3. Diagonal Red down is the resistance line off the recent peak in Dec 2019. The PA is currently also testing this level as well over the past week
Time seems to be the more important factor here on the PA, given that its been range bound more or less for a month but it's now reaching the end of the wedge. Being that this is not a FOMO stock and buyers that really move the PA are big institutions, a longer sideways consolidation is not unusual and is likely building a healthy base for a move higher. Big moves come a sector rotation days into Industrial.
Seeing a RSI wedge as well playing out which very much mirrors the PA coming to an apex around the same time as the PA.
POC on the hourly chart favours a potential retest of the bottom of the price channel. This would also correspond to a test of the lower edge of the RSI wedge as well.
I feel the PA has at least one more test of the bottom of the channel before breaking out. Perhaps on a down day for the overall market.
Important lines in the chart:
1. Solid white lines: The long term down trend from 2018. The line at $40 will be the strongest resistance once (if) it finally gets there.
2. Horizontal Purple: The high of April at 37.35. This seems to be an important resistance. Looking back on the long term chart this number was touched in a number of spots acting as resistance. This point has been tested 7 times over the past month, with 4 in the last week and even one close above.
3. Diagonal Red down is the resistance line off the recent peak in Dec 2019. The PA is currently also testing this level as well over the past week
Time seems to be the more important factor here on the PA, given that its been range bound more or less for a month but it's now reaching the end of the wedge. Being that this is not a FOMO stock and buyers that really move the PA are big institutions, a longer sideways consolidation is not unusual and is likely building a healthy base for a move higher. Big moves come a sector rotation days into Industrial.
Seeing a RSI wedge as well playing out which very much mirrors the PA coming to an apex around the same time as the PA.
POC on the hourly chart favours a potential retest of the bottom of the price channel. This would also correspond to a test of the lower edge of the RSI wedge as well.
I feel the PA has at least one more test of the bottom of the channel before breaking out. Perhaps on a down day for the overall market.
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