PI is attempting to break away from its longstanding downtrend. Will it succeed?
Key support levels: $0.15
Key resistance levels: $0.20
The current price action suggests that buyers are attempting to break out of the existing downtrend. PI found good support above 15 cents, and as long as this holds, buyers have a good shot at higher levels. The current resistance is at 20 cents.
After PI was rejected at 20 cents, the price entered into a pullback that is now bouncing on the downtrend line. If the bulls can hold the price here and push it to a higher high later, the breakout from this downtrend will be successful.
A key signal that bulls are on the offensive can also be seen on the 3-day RSI, which made a higher high. This could be an early sign that the buyers mean business and they will also attempt to send the price into a higher high above 20 cents next.
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