PLS has moved up strongly over the past year - perhaps too strongly and it could be in need of a breather. That said please see my comments on the gold sector which also references PLS.

8 April 2021

My post below suggested price could be on Elliott Wave 1 but it could also be that the recent retracement was Wave 4 and price is rising into W5. Either way it means price should move beyond its previous high around $1.47 and the aforementioned potential target is now a bit clearer at $1.53. PLS is a volatile stock and not seen as a long-term hold. A material retracement in price is possible once the peak of the new rising wave is achieved. A moderate risk trade with a 30% potential gain - but perhaps not for the feinthearted.

PLS 8Apr21

19 February 2021

In the 3 months since the last post on this thread PLS has risen strongly and at its recent peak was up 213% over those 3 months. It retraced heavily from those highs but at its recent low it was still up over 80% since November. Price did break below a subjective uptrend line but has been recovering for 3 weeks. Whether it resumes its meteoric rise is in the lap of the gods but it could be an interesting stock to watch.

PS: Elliott Wave suggests the recent pull back could be a subwave 4 of a larger wave 1 - and if so prices should go above the previous high of $1.47 - how far above is a bit unclear with a range of $1.57 to $1.95

PLS 19Feb21

 

13 November 2020

In the intervening month since the post below PLS moved up to and was sold at target.

PLS 13 Nov 2020

9 October 2020

While price has not moved up towards my August target, it has held above a weekly uptrend line. Price could be expected to now start moving up again and a break above $0.40 could suggest my earlier target is still in play. Price has been making lower weekly troughs and peaks in recent times and I need to see that revert to higher troughs and peaks for a sustained rise. Note the red arrow on the chart. The high at the time of my August post was followed by a very bearish engulfing candle which I saw as a sign prices would fall and marked it on the chart as a reminder. Candlestick patterns can be very informative.

PLS 9Oct2020

7 August 2020

PLS appears to have recently completed Wave C (Elliott Wave) and started up Wave 1 making an uptrend, weekly higher highs and lows, breaking above a downtrend line and making a resistance break pattern at $0.40 – in short all the buy signals you could hope for. I’ve marked the Waves for anyone interested as PLS makes a fairly textbook pattern. Also of interest the stock has made a Wyckoff pattern (the shaded rectangle) which has a target of $0.61.

PLS 7 Aug 2020

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Robert Norman

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Email: robert@sharecharting.com.au

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