[isatrader]

PLNR has come up a few times this year as it's moved through early Stage 2. I last highlighted it on the 1st August as it made continuation breakout on very strong relative volume. That volume continued to build this week as it powered higher and was almost 10x the average weekly volume by the close this week and made a new five year high.

So if you scale out to monthly chart you can see it's testing the top of a four year base formation, where it's stabilized following the collapse in 2008, and so now looks like it could be ready to breakout into a monthly Stage 2A phase, and is attempting to clear resistance from the 2010 highs. The volume on the monthly chart is very strong at 2.82x the monthly average volume after only six trading days, and so it looks to have the ingredients that we look for.

Below is the monthly, weekly and daily charts.