$Perseus Mining Ltd (PRU.AU)$ PRU is showing a well-establis...

PRU is showing a well-established short term uptrend and a long term trend which appears to be about to transition back to up.

The price action recently has compressed, but is still showing rising peaks and rising troughs. Consolidations like this are customary around previous historical points of supply, in this case there's likely some influence from the major peak at 2.05.

I like to look at the price action that occurred prior to a consolidation, in this case, it is a very strong move from February's low. This tells me there is significant excess demand lurking in the system.

Short term supply is working in the market, causing the current consolidation, but a close above 2.14 would signal it likely has been overcome. I place a higher probability on this scenario given the prevalence of white candles which are usually a good indicator of accumulation.

The next major historical point of supply after 2.14 is the April 2023 high of 2.51. Demand resides at 1.98. The short term uptrend is intact while PRU continues to close above this price.