p4917

📈 Triangle consolidation

Long
ASX:PDN   PALADIN ENERGY LTD
A symmetrical triangle is forming in PDN . We have made the bottom side of this triangle, and it looks like the price is returning now to the upper side. Around quotes of 0.98 AUD should the upper border of the triangle be touched. After breaking the triangle pattern at this point or later, the bullish trend in Paladin Energy Ltd. should continue.
Comment: Okay, the symmetric triangle doesn't play out as it "should". So now we broke the bottom side of this triangle. If the next candle stays below the triangle the breakout is confirmed and we will see prices of 0.65 AUD again.

Comment: After one full candle outside the triangle Paladin opened with the next (current) candle inside the triangle - so we are back into (the bullish) business I would say ;)

Comment: Triangle re-adjusted. As it's a symmetrical triangle, a break to the upside and a continuation of the bullish trend in Paladin Energy Ltd. is more likely, but we have to see what will happen ...
Comment: Adjusted the triangle on the weekly time frame. We've now confirmed exactly the outer border of this triangle - so the consolidation in PDN is still active. Be patient and wait for a breakout. This could also take some time till March:
https://s3.tradingview.com/snapshots/m/M...
Comment: PDN made an ugly drop out of the triangle. If the next daily candle stays outside prices of 0.52 AUD again. If it snaps back it could be considered as an fake-out.
Comment: This is my updated view about PDN. If we manage to close above 0.75 AUD we could see a rise to the upper side of this descending triangle. If the triangle gets broken to the upside PDN could strecht for reaching the moon. ;)
On the other hand, descending triangles tend to break to the lower side. In this case, the price is going to drop hard ...
Comment: It looks like this descending triangle will not break to the downside instead to the upside. With a break of this descending line, we will see Paladin Energy rise again. At least until 1.08 AUD.
Comment: Better to use the line chart over the daily closing prices in this stock. This gives an immaculate picture, and it seems like Paladin Energy Ltd. is about to break out soon.

Comment: The consolidation took a bit longer, but finally, we've reached the point of breaking out of this bullish flag pattern. There is no more trading this week, so this channel got already broken in the weekly time frame. Technically, you could wait for another candle on the daily time frame to ensure that it is no fake-out, but it looks very promising anyway.

Comment: So, technically we're about to take off again. Ladies and gentlemen - fasten your seatbelts and get ready for 1.08 and then 1.34 AUD. Then we need to re-evaluate the situation.

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