RE: Re: Volume24 Oct 2017 10:48
tinlid, the expression higher highs-lower lows was invented decades ago, when people worked with long term charts. (Never mind that its even used by daytraders today, with the right software.)
The basic concept: Over a months/weeks timeframe a share starts to unveil a new trading pattern - either with new highs, or new lows.
As for PFG: After the initial price crash and the TA rebound to a decent 910p level, PFG suddenly experienced a weeklong retracement - forming always new (lower) lows on the chart. Down to as low as 790p and 740p where lots of people have thrown the towel.
This pattern has ended recently. If you look at the 1-month chart you will sudden the lowest lows are 880p or maybe 860p. And in recent days the lowest lows are merely 910p and 905p. This is pointing to a slow, but step by step recovery.
(Sawcut, I am not a shorter. The last shorters on here "ARSENAL17" got burned bigtime, when the Sp sunk to 870p, but suddenly spiked to 950p!)