PHES price now below the 38.2% Fibonacci Retracement level. Our last two candlesticks suggests that the bulls are trying hard to bring the price up but bears are there to counter every step of the way. The 2nd to the last candlestick was a hammer but it wasn’t confirmed. Hammer usually tells us that the market fails to continue in the selling side. As we can see the overall direction of the market is bearish which is characterized by a downtrend.
The market last 24th opens with some selling pressure telling us that there is continuation of the downtrend. However, at some point we could see a reversal as the bulls tried to push the price up until the closing. Thus we see a long lower shadow. On 25th before the opening we are waiting for a confirmation by way of gap up but it didn’t happen. It even went down intraday but again the bulls where able to put the price back to where it opened. For the past two days, the bulls are working hard to bring the price up. It would be interesting where the price will go next week. 0.62 should be broken and so is 0.65 to make a good comeback.
Will it happen next week? Caveat!