For the last month roughly,
PD
has been trading in the area between the 0.382 and 0.618 fibs from the peak on Aug 30 2019 to the depth of the COVID selloff.
Despite trying to punch through to the downside several times in recent weeks, with intraday moves below 25, there's plenty of supply around there and it's held rather well. It's catching support off the AVWAP from the Aug 30 peak, where prior to May it had been a resistance level. AVWAP from the IPO now appears to be hovering around the 0.618 fib and is helping define resistance. Last week's earnings saw a beat but sold off a bit on softening guidance and deceleration in revenue growth; but stuck firm towards the top end of this channel.
Should PD take and hold 30, then the next leg higher is to try for 39 again before the next earnings report; in that case I'd be taking half out around 34. The problem is a potentially bearish momentum divergence in the last several trading days; seems too early to know for sure, but reason for caution. Should this close to the downside past 24 I'd bail out.
PD
has been trading in the area between the 0.382 and 0.618 fibs from the peak on Aug 30 2019 to the depth of the COVID selloff. Despite trying to punch through to the downside several times in recent weeks, with intraday moves below 25, there's plenty of supply around there and it's held rather well. It's catching support off the AVWAP from the Aug 30 peak, where prior to May it had been a resistance level. AVWAP from the IPO now appears to be hovering around the 0.618 fib and is helping define resistance. Last week's earnings saw a beat but sold off a bit on softening guidance and deceleration in revenue growth; but stuck firm towards the top end of this channel.
Should PD take and hold 30, then the next leg higher is to try for 39 again before the next earnings report; in that case I'd be taking half out around 34. The problem is a potentially bearish momentum divergence in the last several trading days; seems too early to know for sure, but reason for caution. Should this close to the downside past 24 I'd bail out.
Trade active:
Big move today up off the AVWAP from Aug 30, continuing to act as support. Things were looking grim after Friday's session but held above 24.
Still needs another 10% or so from here to have truly broken out from this range and the 0.618 fib. RSI(14) still tracing downwards, so not out of the woods yet. Needs a day or three of solid follow-through from here.
Still needs another 10% or so from here to have truly broken out from this range and the 0.618 fib. RSI(14) still tracing downwards, so not out of the woods yet. Needs a day or three of solid follow-through from here.
Trade active:
And a day or three of solid follow-through is what PD got. Holy shit.
~25% move from Monday's open. Pulling open the 5m chart shows evidence of someone with a warchest saying "buy at the fib" after it crossed past 29.20 this morning.
Will be watching for some digestion on this move, still looking at a 39 target while over 30; will bail and take profits should it come back down and through 29.
~25% move from Monday's open. Pulling open the 5m chart shows evidence of someone with a warchest saying "buy at the fib" after it crossed past 29.20 this morning.
Will be watching for some digestion on this move, still looking at a 39 target while over 30; will bail and take profits should it come back down and through 29.