As seen PFC has formed a Double Top Pattern in the hourly chart. It has recently given a breakout in the last session. Also, three out of the last five candles have been big red candles indicating weakness in the shorter term. Particularly in the last session where open = high.
Double Top Pattern is bearish reversal pattern, made of two consecutive tops. It indicates that the stock has reached a resistance level and is facing difficulty moving higher, thereby positioned for an downward move.
Double Top Pattern is bearish reversal pattern, made of two consecutive tops. It indicates that the stock has reached a resistance level and is facing difficulty moving higher, thereby positioned for an downward move.
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