DESCRIPTION: In the chart above I have provided a SEMI-MICRO ANALYSIS of PSNY. With previous setup being invalidated with continuation of sideways price action and continued consolidation.
POINTS: 1. Deviation of 1.50 points justifies SUPPLY & DEMAND POCKET PLACEMENT. 2. RSI has now officially reached 40 threshold signaling an entry into OVERSOLD TERRITORY. 3. MACD CONTINUES LIMITED BETWEEN 0.14 & -0.14 without major shifts. 4. Despite RSI's drop into oversold territory, MACD continues to hold squeeze momentum.
IMPORTANT: EARNINGS REPORTED ON MARCH 3 & BREAK OF 6.50 WOULD BE FIRST STEP BEFORE FURTHER UPSIDE.
SCENARIO BULLISH: In a bullish scenario it would prove crucial for price action to hold above 5.50 with an eventual break above 7 to move price action into NEW SUPPLY & DEMAND POCKET.
SCENARIO BEARISH: In a bearish scenario price action breaks 5.50 to the downside and we come to continued bearish momentum to $4.