PGSO forming a potential Head & Shoulder pattern.

CHXEUR:PGSO has been in a huge uptrend since 30th November 2017, soaring over 270% in less than 240 days.

- Now it's in a downtrend, and looks to be forming a H&S formation.

- It broke it's ascending trendline and also failed the recent pullback. (Marked in stapled red)

- Should the price break through the 200 sma, we might see the 50 sma crossing down and generate a bearish death cross.

- If the support line of the H&S formation break (red descending line), the price target should be around the 14.82 area. (Marked by yellow)

To me it looks bearish, but I will remain neutral. I would go short should the H&S pattern be confirmed by a break of it's support line.



As an apprentice of Technical Analysis, any constructive feedback would be greatly appreaciated.

BlackCrown

ความคิดเห็น:

Third quarter results disappointed. First support now broken.
Will the neckline hold?

ความคิดเห็น:

And so the neckline has been broken confirming the formation.

This gives us a price target of 15.45 with a timeline to complete before or at the 21st of March 2019.

Look Out Below!

ความคิดเห็น:

Possible bearish h-formation in the making.

Continuation to the downside is very likely.

ปิดการเทรด: ถึงเป้าหมายการทำกำไร:

Target is reached. A bottoming formation would be nice to see in this area for a possible long.