PG has a bit to go before reaching long entry level for the cup and handle pattern. It is also in an ascending triangle which is neutral until price breaks a trendline. If PG breaks up the full amount from the ascending triangle, it would put price to long entry level for cup pattern.
Price is close to the handle low and can be support if it holds. Price is now in the nose of the triangle and there is always a chance it could break to the downside. Sometimes they break down before they break up, or sometimes they just break to the downside. The theory is chances of an upside break is higher, but MR Market rarely does the same thing twice. (o:
No recommendation
Price is close to the handle low and can be support if it holds. Price is now in the nose of the triangle and there is always a chance it could break to the downside. Sometimes they break down before they break up, or sometimes they just break to the downside. The theory is chances of an upside break is higher, but MR Market rarely does the same thing twice. (o:
No recommendation
Comment:
The top of the triangle is resistance that PG has not been able to break through yet. Appears this triangle will at least pierce bottom trendline of the ascending triangle and is always possible to break further to the downside.