PCG | Potential Reversal Zone at LT Support + Breakdown Retest

📍 Ticker: PCG (Pacific Gas & Electric Co.)
📆 Timeframe: 1W (Weekly)
💡 Pattern: Head and Shoulders Breakdown → Testing Key Support
📉 Price: $14.79 (as of last candle close)
📊 Volume: 87M
📉 RSI: 32.92 (approaching oversold)

🔍 Technical Setup:
A Head and Shoulders top has completed, with price breaking down below the neckline. However, PCG is now approaching a major confluence zone:

✅ Multi-year ascending trendline support (dating back to 2020)
✅ Previous horizontal support from 2022–2023
✅ RSI nearing oversold (32.9) — potential for bullish divergence
✅ Volume spike on breakdown — possible capitulation

The blue zone marks a potential retest area. If price holds and forms a reversal candle here, a bounce toward $16–$17 is possible (prior support zone).

🧠 Trading Plan:
Bullish Bias: If price shows bullish price action at/above trendline (~$14.40–$14.70)

🟢 Entry Idea 1: $14.75–$14.90

🟢 Entry Idea 2:$13.60–$14.20

🎯 Target 1: $16.20

🎯 Target 2: $17.00

⛔️ Stop1: Close below $14.20 (trendline + neckline invalidation)

⛔️ Stop 2: Close below $12.50 (Bearish Continuation: Close below ascending trendline + neckline = further downside risk toward $12.50)

⚠️ Watchlist Notes:
PCG is defensive (utilities), but often reacts to regulatory/news-driven catalysts.

Recent weakness may offer a risk/reward setup near major support.

RSI bearish structure is weakening — watch for divergence or failed breakdown.

💬 What do you think? Bounce or breakdown from here?
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