Replies to post #47336 on georgie18's House of Gain...

[georgie18]

Bollies are squeezing and the consolidation points are getting tighter...could go either way here...PLPL pierced the lower bollie to the downside twice creating a triple bottom support in the 004 range ...it must hold the lower bollie if it does not there is real strong chance that 0036 range will be the new bottom...could even test the 0024 bottom support...so it is imperative that the lower bollie holds..PLPL needs full body candles to trade above the 20ma as the consolidation is happening with a constant test of the lower bollie and if that persists it creates a greater chance of hitting a new bottom...

On a longer term scale with all things being equal it is setting up a "W" pattern...off a double bottom....if it can hold the current bottom and make a break to the upside then we will look at .03 as the confirmation break to complete the pattern with a resistance neckline at .05 range...

In my opinion it is not a buy at this juncture although there was a sign of bullishness with a Bullish Engulfing Candle on Thursday...Candle Patterns become vital to the direction of the break so they need to be accessed after each days close...and again PLPL must stay away from that lower bollie...