Paladin Energy

A friend of mine referred this to me, so here’s my take. I don’t find anything constructive of this chart at all, & its price has a lot to prove before it becomes convincing. Its the classic Eiffel tower reversal seen in many boom bust stocks, as in when you see the left of the tower, chances the other side will appear later as a result of “irrational exuberance”.

First it has to stop falling, then clear 1.00, then its previous support of 1.12, which has now become its resistance, then probably consolidate between 1.12 & 1.30, before a bullish inverse head and shoulder can be formed for longer term recovery. Its RSI is showing some selling exhaustion on the positive side.

 

 

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