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By Zak Mir | Saturday 2 January 2016
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Premier Veterinary Group (PVG): Gaps Point To 230p
What is interesting about the daily chart price trace of Premier Veterinary Group is the way that even though the shares have been in a rising trajectory since they came to market in the spring of last year, there has not apparently been any fresh liquidity gathering in the stock. Indeed, all we have seen in the wake of the latest very impressive spike for the shares has been a continuation of the unfilled gaps and erratic behaviour which was there at the beginning.
Nevertheless, the trick here is probably to look at the overall price pattern which has been in place since the spring, and note how loyal the stock remains to the April support line projection currently running at 95p. It can be seen how the lift off last month came in the aftermath of two unfilled gaps to the upside, with the second one certainly doing the trick for the bulls. The third and fourth gaps of the month higher were likely continuation feature, with the message at the moment being that provided that there is no end of day close back below gap three at 152p one should be correct in looking for further upside. The favoured destination at this stage is regarded as being an April resistance line projection at 230p on a 1-2 months timeframe .
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