PHEN harmonic pattern update 2

PHINMA Energy Corporation

PHEN technically completed the Bullish Shark harmonic pattern and fully tested the 2nd PRZ (Potential Reversal Zone) area around 113% retracement. A Bullish Engulfing pattern also formed up around the PRZ area - a potential trend reversal candlestick pattern.

See previous analysis of this harmonic pattern here:
https://psetrends.blogspot.com/search/label/PHEN

Trading Plan
- Buy as close to the 113% retracement PRZ area.
- Set stop-loss a few points below the recent swing-low.
- Potential TPs are the 38.2% and 61.8% retracements.

PHEN harmonic pattern update

PHINMA Energy Corporation

PHEN continues to form a Bullish Shark harmonic pattern and potentially completed the first significant retracement of the pattern at 88.60% (the first PRZ or Potential Reversal Zone).

Downside risk remains towards 113% retracement, its second PRZ.

See previous analysis on this harmonic pattern for more details:
https://psetrends.blogspot.com/2017/02/phen-on-potential-shark-harmonic-pattern.html

Trading Plan
- Trade this setup once the harmonic pattern has been completed.
- Observe for reversal patterns around the two PRZ areas for potential trading opportunity.

PHEN on a potential Shark Harmonic Pattern

PHINMA Energy Corporation

PHEN is potentially forming a Bullish Shark Harmonic Pattern.
*A breakdown from "A" leg (2.22) will give it higher probability of completing the pattern.

Another bearish pattern is also developing - a Rising Wedge pattern. A breakdown from this pattern will have a projected target towards the "0" leg (2.03) which is in confluence with the PRZ (Potential Reversal Zone) of the Bullish Shark Pattern.

Trading Plan
- Only trade this setup once the Bullish Shark Pattern has been completed.

Bullish Shark Pattern

Rising Wedge Pattern