Technical analysis

PG Wave Analysis – 8 October, 2019

PG Wave Analysis – 8 October, 2019
  • PG reversed from support area
  • Likely to rise to 125.00

PG recently reversed up from the support area lying between the strong support level 120.00 (which reversed downward corrections (a) and 2 in September) and the support trendline of the sharp daily up channel from the end of May.

The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Morning Star – which started the active short-term impulse wave 3.

PG is expected to rise further and retest the next resistance level 125.00 (top of the previous impulse wave (i)).

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