Bullish chart pattern about to be completedKeep things simple! On this line chart, you can see that PDN has already formed a beautiful bullish wedge pattern, which we could break now around 0.50 AUD - then up it goes!
PDN trade ideas
PDN - Potential Head and Shoulders - short term shortRecent Uranium price increase has helped raise the PDN much more rapidly to 116% from 1st September (0.52c and touched $1.12 on 16th September)
However the recent sell off from 1.12 to 0.85c has formed the head and shoulders.
This leads to a potential short term opportunity to short the stock.
Today's close: 0.85c
Potential target: 0.535 to 0.485
Disclaimer: This is not a financial advice. DYOR. And stock can react in any way with broader market sentiment. This is just for education or entertainment purpose.
PDN Reclaiming TrendPaladin Energy Ltd is a Western Australian based uranium production company. It currently has one operating mine in Africa; the Langer Heinrich mine (LHM) in Namibia.
Bullish Outlook: Current price has reached former TB Fib Extension 1.0 Level. It has broken key Daily Resistance and reclaimed Uptrend and now has a real chance of claiming new TB Fib Extension Level 1.0 (Identified by blue Horizontal Line). I'm watching Volume and RSI but also cautious of a short term retrace.
Also note that Bullflag target flagpole is alligning with former TB Fib Extension Target Level 1.618
Bearish Outlook: If price was to retrace and break key support level then my target would be @0.09 which would be my next level of Daily Support.
Keeping it super simple.
"DISCLAIMER: NO ADVICE. The information presented here is general in nature and is for education purposes only. Nothing should be considered to be advice. You should consult with an appropriate professional for specific advice tailored to your situation."
Paladin to drop to support before continuing higher? $PDN $PALAFPaladin looks likely to fall back down to the support line at around $30 to $31 before continuing higher. Uranium stocks in general have moved up too far too fast and don't reflect the underlying price of the metal. We are way too early on this opportunity but that is a good thing because it will present more buying opportunities in my view. RSI and MACD indicate overbought. Please give your thoughts and criticisms. I may be completely wrong on this. The Uranium sector is extremely volatile so anything could happen in either direction or extreme.
PDN / PaladinAUD on the rise with commodities turning up in a new green economy. Uranium is going to shine. The path is altered from the last time PDN broke through the equivalent fib channel levels, remarkably similar trajectory, so I just altered the pullbacks to better respect these levels as we are breaking out at a slightly higher price level. I expect this to be one of my best this year. Initiated yesterday.
Zoom out, Chill out.
