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TECHNICAL ANALYSIS: PPC shows new upside breakout

10 May 2018 12:03 PM
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TECHNICAL ANALYSIS: PPC shows new upside breakout

PPC has been a hold here from when it broke out of a large inverse head and shoulders a couple months back (not shown). It’s been moving sideways since then in a channel (lines 1 and 2), and recently broke out of the top of that channel (line 2 at R8.50). It’s pulled back in recent days to retest that breakout level, and is now heading higher again.

Minimum target is R10.30, based on channel 1-2 projected up. Lock in some profits there. But ultimately it’s pointing to a far higher target of R15, based on a large inverse head and shoulders (Sep 2016-Jan 2018).

Source: fin24.com

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