Platform Specialty Products Appears Poised to Go Long

 | Feb 21, 2017 | 11:51 AM EST
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Platform Specialty Products (PAH) recently broke out of a sideways trading range. Prices are not extended and it looks like there is plenty of room on the upside. Traders and investors can get involved on the long side here and on further strength.
In this one-year daily chart of PAH, above, we can see prices largely in a trading range of $7 to $11. Prices break out over $11 in January. PAH is above the rising 50-day and the rising 200-day moving averages. There is a bullish golden cross of these popular averages in early January. The On-Balance-Volume (OBV) line breaks out early in November, before prices break out. The MACD oscillator moved above the zero line in November for an outright go-long signal.
In this weekly chart of PAH, above, we can see both a big decline from a top pattern in 2014 and 2015 and the subsequent recovery. Prices roughly have doubled in the past year but there is not much chart resistance until PAH get back above the $22 level, so there is room for further price gains. PAH is above the rising 40-week moving average line. The weekly OBV line is pointed up and the MACD oscillator crossed above the zero line in January for an outright go-long signal.
This Point and Figure chart of PAH, above, shows the breakout at $11.50 and a longer-term price objective of $26.
Bottom line: The charts of PAH look promising and traders and investors should approach PAH from the long side, risking below $12 for now.

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