The share is in a bearish wedge with expectation to break to the downside. The move down would have extend further but is expected to be halted by the bottom trendline of the channel. Open a long position on price finding support at trendline or when it makes a swing low indicating a reversal to the upside with expectation of breaking out of the channel resistance.
Note
Though PAN has broken to the upside, still looking for price to retrace downwards for a lower risk entry.Note
An extension of the upper resistance line shows PAN trying to break higher from the bearish wedge. Good thing is the support line has risen meaning price is constricted in a tight range. Ex-dividend date is key which way price breaks, expectation is to the downside still.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.