Share price has now closed above the long term down ward trend line off the peak price in 2018. Its approaching a key resistance zone which did not breach in early June. A crossing of this zone (two dashed red lines) should lead the price higher to the $40 range. Combined with upcoming earnings and a continued sector rotation out of Tech and into industrial...
Now havea cup & handle formed on the hourly chart BUT the support on the Bull pennant is holding for now. On the daily chart which I personally place more significance it still looks like a Bull flag/pennant. RSI support line on the daily chart is still in play as well. Yesterdays decline was on far below average volume.
Another day confirming consolidation at the current price level. The whole NQ was very volatile today, and at least in my view, the last two days decline had more to do with the overall market sentiment than anything fundamental on PRTS itself. Note that the entire candle (all the entire candles) are fully contained within the uptrend at this price level. Also...
Have had IP on my radar for a few months. I know what you're thinking. "Why a paper company when tech has been blazing and most industrial stocks have languished. Three reasons." 1. PMI reports. Over the past three months Paper products have been one of the only industries showing growth in the ISM PMI report. Meaning they're having an uptick in orders. IP itself...
PRTS retraced today in normal fashion back down to support. Its very early but its quite possible its forming another bull pennant which Ive drawn in. Not concerned with todays pullback. on a high beta stock like this multi % days up and down are the norm. Especially after a massive move up last week. It did stay within the uptrend established back from the low in...
PRTS spent a long time consolidating and actually pushed itself out of the upward channel it created on the way up. It's now made a retracement into the channel and it is close to touching the upper line. Note that it had broken out above the main channel before creating the bull pennant. Interesting to note was that during the recent overall market...