PLL breaks higher, new swing long?

5 jul 2021

Last week PLL decisively broke above the recent resistance area of $75 - where the previous lower high was. On Friday, it printed a pinbar with possible setup for long on Tuesday when markets reopen. When looking at the broad structure out to weekly we can see clear bullish trend with possible wave 4 turning into wave 5 here. I like the potential to at least have a retest of that $85 area in the coming weeks, if not higher. The other thing I like about this stock is it's low correlation with the S&P and Nasdaq - suggest it may have a tendency to do it's own thing if there were a broader pullback across the markets.