JSE:PFG Pioneer Foods High Volume Change in Character

PFG had a high volume reaction to the long term oversold trend line last week which is continuing this week with a bullish reaction. This indicates that demand has increased and the lower TF trading range that has developed is possibly and accumulation range. However, the TR is potentially not complete. On the daily this reaction on high volume is possibly only a test in Phase B. Because of the high volume I expect another test of supply before the mark up starts. But it looks like there is interest in the stock and we can start looking for good entry points.

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PFG recorded its highest volume on Friday. Watching the development of the daily TR.

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Another high volume week could indicate that a push higher is about to start.

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After the high volume price has broken the downward stride which could be the sign that the move higher has started.

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Wow, a huge change in character and sign of weakness today.

SteynTrade

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SteynTrade

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