Price Support Is The Biggest Technical Indicator Of All

As most of you are probably aware by now, I'm a BIG fan of relative strength.

I prefer trading stocks of leading companies within leading industry groups. If I were to trade outside of these basic parameters, my focus would absolutely turn to critical support, whether it be a key moving average, major price support, a trendline, etc. PagSeguro Digital (PAGS) is a software company that closed on Thursday literally right on price support from throughout 2022:

Enter PagSeguro Digital Ltd. (PAGS):

The low from May 12th was 9.53, while two lows in June/July were 9.45 and 9.50. Then recently, on November 23rd, PAGS hit an intraday low of 9.53 again. On Thursday, PAGS closed at its lowest level of 2022 at 9.73, slightly eclipsing the previous low candle body (open) of 9.76 on May 12th. The new low close is bothersome, but I do think that PAGS still has a chance to recover as it nears the intraday price support from 9.45-9.53. Let's see if it holds.

Happy Trading! Tom Bowley Chief Market Strategist EarningsBeats.com Better Timing. Better Trades.