Jun. 14 at 7:41 PM
$PPIH Looks like it just finished clearing a major hurdle and is starting to open up into an upper range that hasn’t been explored since the early 2023 breakdown. Structurally, the move is clean. It had a long period of chop and failed rallies through Q1 and early Q2. That entire zone between
$12.50 and
$15.30 acted as resistance multiple times, and this most recent push blew through it in one vertical candle. It wasn’t subtle. That was a full breakout through the prior high-volume range, and it confirmed with a clear ChoCH and BOS before launching.
The daily shows a tight compression zone leading into the move, followed by an immediate spike. Price jumped straight through R1 and R2, pushing into R3 and now challenging the lower band of supply around
$17.33. That whole area between
$17 and
$19 is dense with weekly supply, prior distribution from the last major top, and overlapping pivots. So while the move is strong, it is now stepping into real memory.
The weekly chart confirms it. This was the last major shelf before the blow-off top in 2022, and it is now retesting that underside. But structurally, this leg looks different. It's not just a reaction rally. It is coming after a full cycle. There was a clear markdown, accumulation base, change of character, and several BOS steps along the way. Momentum is with it, not against it.
That said, it is extended. Daily candle ranges are widening. Volume is spiking. RSI and Stoch RSI are both elevated, and price is pushing into a known supply zone. This is where the prior cycle failed. That doesn’t mean rejection is guaranteed, but it does mean this is a decision point. Either there is continuation through 17.33 with structure forming above, or it starts to base out again for a retest lower, possibly into 15.30 or even back toward the high-volume node near 14.00, depending on how buyers respond.
So the move is valid. The trend shift is real. But now it is in the zone where positioning changes hands. Whether that is accumulation into expansion or expansion into early distribution depends on what price does next. Either way, it is not mid-trend anymore. It is on the edge of something.
