Pantheon Resources: ‘Death Cross’ risks 50p while below 100p

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Pantheon Resources: ‘Death Cross’ risks 50p while below 100p

Having been a great fan of Pantheon Resources (PANR) the worst thing is to see the price action struggle over recent sessions. But below 100p is a concern. I have to admit the big breakdown was something which took me by surprise, especially as it did not seem that the September 5th operational update from VOBM#2 was the end of the world.

However, from a technical perspective now that the rebound up to 115p is out the way, we have quite clear evidence of weakness. The first is the way that the new resistance at 115p was well below old support at 122p in July. The second is the so-called death cross between the falling 50 day and 200 day moving averages at the end of September. And the final comes in the form of the multiple failures at a falling RSI resistance line from August at the 40/100 level.

All of this suggests that at the very least while below 100p and initial October resistance we are heading down to retest the 78p September floor, while the worst case scenario is a test of the floor of a falling trend channel at 50p from May. Of course, this may all be too negative if 100p is recovered swiftly, but it is better that fans of Pantheon Resources are well informed from a charting perspective of what is going on here.

pantheon-chart

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