I hear a lot of people saying they are now preparing to build shorts…..ok so it’s not a bad idea in the short term especially taking one look at the weekly (See chart).
1. PA trading outside Bollinger
2. Force Index triggering sell signal
3. Stochs at overbought levels
However if you take a closer look at PA it does not seem quite done yet with the upside.
1. PA is trading outside Bollinger but that’s no guarantee of a pullback, it only suggests limited upside and as far as geppy is concerned that could mean anything.
2. Force Index is only telling us we are close to a potential top…not that we have hit a top! So we could still go up
3. Stochs might be overbought but they have not turned down below the 80 level so no short trigger yet.
In short….upside potential is still a big possibility especially to the blue shaded area (Previous support/resistance area) before PA turns back down? I.e. thereby forming a doji or shooting star candle for the week? This is one PA which screams out: “Sit-Out-and-Wait”
For this week I have no bias..but I’m bullish long term…..
I will take a look at the daily and let you know how its playing out.
Happy Pippin
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