Bearish Triangle Breakout For Perpetual, TechWizard Reports

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This story features PERPETUAL LIMITED.
For more info SHARE ANALYSIS: PPT
The company is included in ASX200, ASX300 and ALL-ORDS

By Rudi Filapek-Vandyck

The TechWizard had earlier reported there might be a trading opportunity in going short Perpetual ((PPT)) shares and today he follows up by pointing out his price charts yesterday were displaying a very bearish triangle.

Wall Street sell-off or no Wall Street sell-off, it would seem Perpetual shares were destined to seek lower price levels at some stage this week, he says.

Looking at the price chart (which obviously does not include today's price action) the Wizard points out the bearish triangle was leaving no further room for the shares to go but down.

Today's breakout to the downside puts the focus on $30 and were that level to give in, the flood gates would open for a return to $25, he says.

The Wizard reports he at present does not own any shares in the company.

The TechWizard is the pseudonym of Scott Morrison, whose experience in financial markets exceeds twenty years. Morrison operates his own website nowadays at www.techwizard.com.au

See previous story "Wizard Sees Trading Opportunity In Perpetual"

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