PMO managed to close above 78.50 and move north has started!

Targets(this are short term targets - days to few weeks)

93, 96 previous highs

108 - Megaphone bottom/broadening wedge pattern breakout to the upside (explained on the chart)

Looks good here, should (or could possibly) see some funds with massive short positions on PMO closing out around 81p, and i think this could move up quickly imvho.....

lets see,
atb, wdik, dyor,
trendfriend

For me it's a simple ascending triangle, in consolidation but some way from the apex.

Daily is in a steep rising channel that needs to breakdown soon or re-consolidate, or it will break down.

Breakout point is 76 on monthly, 77 on weekly and 78.50 on daily, so all much as much.

RSI has now broken out in Monthly, weekly and daily.

When this breaks out I expect it to do so strongly. 96.95 is achievable quite quickly.

Close above 80 might give the channel new life, but I would look for 82 to confirm full breakout.

I see little upside in crude in the short term so fundamentals are what should drive this. Ops update next week but the financing will probably be the catalyst.

General markets are very very toppy, waiting for todays data to move IMO. US dollar also key.

A lot going on.




F4T

Pmo - daily.
uk.advfn.com/p.php?pid=chartscreenshotsh...A6hvppI4alM0p1yYg%3D

I was looking a this as well yesterday, i agree with you guys here.
If we ignore the traingle breakout, and what i think looks like a inv h&s neckline breakout.

A move above 81p should see a decent move higher, from what looks like a extended consolidation, and effectively a longer tern bull flag, and i think it could well be 8th attempt lucky, as the rsi looks to have broken above a long term trendline.

lets see, i think this should be ok, but failure may see this back in the 60's, and as Monkeyz pointed out, may be a place to be short not long!!

lets see,
wdik, dyor,
trendfriend

Nice spot RC. Weekly chart shows a great picture. A buy for me above todays high at 80.63. Be wary of that 1H candle right at resistance. If aggressive and trading the 1H the set up would be for a nice short...

Cheers
M

This needs a close above 78.50 to motor upwards!

Today its making its 7th attempt



PMO is lagging behind the breakout on crude WTI - may be due to the refinancing update around the corner

If this manages a close above 78.50 - my target would be 93

Good luck to you TF for your holdings in PMO

premier weekly. (chart is from 2 nd Jan)

uk.advfn.com/p.php?pid=chartscreenshotsh...ZG6rwtcBYiXT7Jfstdo=

i'm long on this, from 71p. mid/long term target is 125p area, i think technicals are showing triangle, and /or quite possibly a inv H&S bottom and break above the h&s neckline. charts from 2nd Jan, and it's now broken the resistance trendline....

This is one of 4 stocks i intend to hold long term, with s atop at 45p, so lets see....i may add on further weakness....

atb, wdik, dyor,
trendfriend

I think that depends on OPEC in the short term. Higher than average volume over that last week (during the fall) tells me that there is good appetite for the stock. As we know, concentrated high volume often forms tops and bottoms. Supports at 47.25 and 43 for the 61.8% fib.
Plenty of resistance levels above.

There is a trading/operations update next week 17/11, so watch out for that if you are trading this.

F4T

pmo daily.
uk.advfn.com/p.php?pid=chartscreenshotsh...TK+QLU7M+xr8vvc7Z6I=

this has dropped to the low 50's after all!!

even todays mini bounce looks to be a retest of the previous low...at about 54p.

i think the low 40's are possible, and even that may not be the bottom imvho...

atb, wdik
trendfriend

This has hit the 63p area gap fill and trendline supports.
However i'm not keen on these at this moment anyway. It's not say this support will not hold, just not sure enough to buy....
The main markets and crude look shaky atm.

The main problem is the rsi, it needed to hold the support trendline from Jan, and it looks to have failed, leaving a bearsish div in the process, which may be the clue to a further move to the downside....

lets see how it goes form here.
atb, wdik, dyor.
trendfreind

Taking a closer look at this, and i'm not quite so keen on these now!! at least at this moment, but lets see.
This has quite a few supports in the 60's.
Problem i see is with the rsi, its below the neutral 50/100 level, and into the 40's, it could be argued it's just about on support, but a down open tomorrow would see the trendline busted.
The rsi support is from Jan, and seems to indicate the continuation of the down trend.

The longer term chart shows a triangle, and break below the support t/line would mean a good possibility of a more substantial down move, at the very least the Aug low of 53.5p cannot be ruled out imvho. possibly a move even lower.

On the flip side a move back above the moving average lines, and top of the triangle would cancel the bear argument, while above those levels.

a buy in the low 60's is a decent long idea in terms of r/r, but i'm just not entirely convinced with this after a closer look.

lets see
dyor, wdik
trendfriend

We are actually right at support now @ 67p.

This looks like a interesting potential long coming up here.
I think this a gap close and trendline bounce is possible around 63p. Failing that support is at the bottom of the range at 60p.
So i'm thinking of buying here in 2 phases,63p area on a gap close and the trendline, and then 60p.

Stop below 60p. target 80p area(top of range)
I'm only going to buy here if the RSI trend line holds support from August.
If 60p fails this could head down about 54p.
atb, wdik, dyor
trendfriend

A possibility for PMO and Brent:








F4T

possible 123 low breakout formation as well. 45.5 is the area to watch for a breakout.This also has an inside bar on this so adds to signal.

dl.dropboxusercontent.com/u/4899609/pmo20thfeb2016.png

Horizontal breakout looks a good bet to me. Need to watch crude next week though.









RSI Breakout on weekly.




F4T

Mybe a good time to cautiously add some beaten up oil stocks??
This one looks like a inv H&S @ 42.5p
1,,2,3 low @ 45p
Looks good for bullish move if it break and hold those levels...
Regards,
Trendfriend.

At the request of the Company, Premier's ordinary shares have been suspended from trading on the London Stock Exchange with effect from 7.30am this morning pending an announcement of a potential acquisition of assets by Premier which may be classified as a reverse takeover under the FCA Listing Rules. Therefore, the Company has requested the temporary suspension of trading in its ordinary shares whilst clarification is sought from the UKLA.

A further update will be provided shortly.

13/01/2016 - 07:31 RNS
RNS Number: 6949L Premier Oil PLC 13 January 2016 PREMIER OIL PLC ("Premier") Statement Regarding Suspension of Shares 13 January 2016 At the request of the Company, Premier's ordinary shares have been suspended from trading on the London Stock Exchange with effect from 7.30am this morning pending an announcement of a potential acquisition of ..

Chief, Yes this could bounce from here, but it's extremely speculative at best.
When you consider the main market, oil and massive drops on PMO itself, best left alone.... Stay out imho.
No reason at all to be long on pmo.

Regards,
Trendfriend.

Anybody got an idea where this may bounce from. I think TF may have suggested 18p.

Thinking of going long... not too sure why, just hoping to time it right.

Think PMO are reporting on thursday of this week to.

Much appreciated

uk.advfn.com/p.php?pid=chartscreenshotsh...D&symbol=FX%5EGBPUSD

Low 50's here imho....
Unles it can get those moving averages again...

Regards,
trendfriend

Yep, i agree Food...

This was on thin ice... almost the last area it could have bounced from...and it simply did'nt.
Bears are in charge here... and most other oilies imho....

This could well now be a penny share soon imho.....

Regards,
Trendfriend

The market/City doesn't like this share. There will be a reason, much the same as there was a reason for Afren IMO. A 25% hedge is nothing in the current environment. Extremely speculative.

Wow this got smashed....

if this does not bounce from around these levels, 74/75p area, its as good as finished imho.....
would'nt touch it with a barge pole if it closes below 74p imho.....

Long term daily.
uk.advfn.com/p.php?pid=chartscreenshotsh...TUYs%3D&symbol=L^PMO

Close up...
uk.advfn.com/p.php?pid=chartscreenshotsh...%2FA%3D&symbol=L^PMO

Reagrds,
Trendfriend.

I think this looks to be turning imho...
This is very volatile, so stops are important...

uk.advfn.com/p.php?pid=chartscreenshotsh...wH2E%3D&symbol=L^PMO

Regards,
Trendfriend

Never a good idea to call a bottom on a stock, but today's candle here looks to be a exhaustion candle to me imho.... could well be a sign the sellers are now done...

uk.advfn.com/p.php?pid=chartscreenshotsh...BKhiHY=&symbol=L^PMO

I'm looking for a break of the double resistance @ 86p to confirm....

Regards,
Trendfriend

This bounced nicely from the falling support trendline.... it did break below, but only on Mad Monday!
20 day ema @ 120p is a achievable short term target here imo... lets see...

uk.advfn.com/p.php?pid=chartscreenshotsh...b8%3D&symbol=L%5EGKP

Regards,
Trendfriend.

Be careful out there with new longs as i suspect this is only the start of further big falls on the markets
Best way to enter now is on 123 low breakouts only.

Trendfriend,

Appologies, it was 96p my buy price.... chart attached....

ta
G

Absolutely TF. I just worry when posters consistently throw numbers and buy/sell levels out there without support, particularly when the markets are in turmiol. Like iii it just plants numbers in the mind of readers who might jump in unawares thinking there is sound reasoning behind it. Doesn't matter what the reasoning is, as long as it is clear.

Always best to post reasoning and charts for discussion. I thought that that was what chartsview was about?

F4T

Weekly.
uk.advfn.com/p.php?pid=chartscreenshotsh...25+s=&symbol=L%5EPMO

Daily.
uk.advfn.com/p.php?pid=chartscreenshotsh...Ts%3D&symbol=L%5EPMO

Close up.
uk.advfn.com/p.php?pid=chartscreenshotsh...Rj/8=&symbol=L%5EPMO

No doubt, this was speculative to go long in these markets, but this has been respecting the falling support channel trendline since 2011. It did break below the trendline yesterday, that was simply a crazy day, seems to have bounced back above today...
Add that with the divergence on the RSI, it looked to be the signal at least some kind of bounce of that level.
This may well be a dead cat bounce, so lets see...
It would be nice if folks would respect that people can choose to trade as they wish. Even if one does not agree with the reason or technique for that position.. jmho
Chatsview has always been a pleasant board with good folks, please lets keep it that way..

Regards,
Trendfriend.

Would be great to see it.

I had a chart with me.. and had 92p as target.... in my mind.. always set..
So I said...92p....

Any reasoning there Paitech or a stab in the dark?

My buy target is 92p..

uk.advfn.com/p.php?pid=chartscreenshotsh...MPM%3D&symbol=L^UKOG

I'm starting to add one or two longs now... Not expecting anyone to follow, as its very nasty out there atm..
I think this has some kind of bounce due.. although its very possible it will come back lower still..

Regards,
Trendfriend