Long PG - Strong Support, Divergence & Missed Monthly Pivot
PG has met a very heavy support and resistance zone:
We can also observe the printing of triple bullish Knoxville divergence (RSI oversold, significant momentum divergence) and a bullish broken trendline, indicating an upcoming move upward. A conservative entry can be placed above recent highs for further confirmation. Three targets may be set as follows:
T1: August pivot
T2: Recent highs, around 82.30
T3: Missed monthly pivot for February 2015
Stop loss may be placed below the S/R zone as shown on chart.
We can also observe the printing of triple bullish Knoxville divergence (RSI oversold, significant momentum divergence) and a bullish broken trendline, indicating an upcoming move upward. A conservative entry can be placed above recent highs for further confirmation. Three targets may be set as follows:
T1: August pivot
T2: Recent highs, around 82.30
T3: Missed monthly pivot for February 2015
Stop loss may be placed below the S/R zone as shown on chart.