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PSG Group Daily Analysis

Daily Analysis – PSG

The stock we are going to be analysing today is PSG.

It was picked up by my custom Bollinger reversal stock screener.

It has just broken below the lower Bollinger band and the previous 2 candles have formed a harami pattern, signaling a possible reversion back to its mean at the 25,000 area. We have also tested the area between the 50% and 61.8% Fibonacci retracement usually a strong reversal area.

The 50 day moving average is still above the 200 day moving average, signalling a possible continuation of an uptrend.

A break above 25,000 could possibly see the price moving to the next major resistance area between 27,000 and 28,000.

A break below the 50% Fibonacci could see a test of the next major support area at 21,000.

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*All information in this article is the author’s opinion and is for educational purposes only. It does not constitute investment advice or a solicitation to buy or sell any financial instrument. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.

 

Stanton Roux

Stanton Roux

Algotrading.co.za is a free online learning platform that merges my two passions software and trading. I like to bring a new twist to trading and show how software can improve your trading skills.