PL: more upside for the next market recovery

Mar 26

I’ve been bullish on the macro structure here since September and December, and that thesis is still playing out.

I would’ve preferred one more corrective wave after earnings and a deeper, longer consolidation from the 2025 top. But price evolves in a classical delayed reaction set-up after the gap-up.

Chart:


The price structure is setting up for a move into the 45–60s macro resistance levels once selling pressure wraps up.

Ideal scenario: One more broad market sell-off → PL retests its gap-up lows → gives the 21 EMA time to catch up → follows through once the market starts to recover (or a few days before).

Weekly view:


See prior analysis and updates on PL:
https://www.tradingview.com/chart/PL/W7pOA9jb-PL-room-to-follow-through/

May 19

Trade active

Price has reached the first layer of the broader macro resistance zone that we highlighted in our March outlook.

Despite the stock’s strong relative performance and a still‑intact uptrend as long as price holds above the 21 DEMA, we locked in the entire position at this area yesterday. The broader market backdrop looks set for a phase of extended consolidation/“digestion” over the coming weeks, which could trigger additional selling and profit‑taking across multiple sectors.

Chart (weekly):