PCLN ($816.45): PCLN has spent the last 2 weeks in a sideways channel after gapping down from its all time high on May 22nd. Friday saw PCLN close at its highest price since the gap down, and second highest green closing level of all time. Moreover, PCLN’s 2 day winning streak is its first in the last 13 trading days, indicating upside momentum might be ready to resurface. $820 has marked the top end of the recent channel but above that price level and the all time high near $850 comes into focus. Key support that keeps my bias to the upside is $805-$815. PCLN has a tendency of gapping down and then going red to green on the day so an ideal pullback entry would be on that holds the $805-$815 support range. If you’re a momentum trader, I wouldn’t anticipate the $820 breakout but rather wait for some $821 prints before targeting a move to $825-$830 below the $850 all time high level. If $820 breaks, I’d like to see PCLN then avoid moving back below $815-$818.
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