I have a TL breakout last week on daily and RSI breakouts on daily and weekly. Current resistance at 86.75 but if this falls the 98-100 area is next. Various rising supports between 72 and 75.

I have an initial short term target of 131-137 being SMA's on weekly and monthly but see this rising through 2018 with the usual retraces.

F4T

pmo - daily.
uk.advfn.com/p.php?pid=chartscreenshotsh...2hxQp5MR1XFci4q51cc=

This is in a nice uptrend.
It could retrace a tad to the bottom of the trend channel, so the ideal entry would be around 72p (rising a touch daily)

below 72p calls for lower levels..... so stops below 70p imvho.

atb, wdik, dyor,
trendfriend

TF, all,
Needs your comments on here...
I bought these ones at 80p, reason is attached chart. I should have bought them, as soon as it broken up the neck line at 70p. I was tempted at 74p, did hold back...
What are the views going ahead on this?

seekingalpha.com/article/4133987-premier...-stock-several-times

ta
G

Todays low of 63.25 @ 10.30am is neckline for Inv H&S. If this breaks....

Buy Target 59p, being:

Daily
61.8% fib of latest move
50SMA
Hourly
200SMA

F4T

In at 45.50p lets hope its on a path to that 96p

pmo - daily
uk.advfn.com/p.php?pid=chartscreenshotsh...EYXVywCgn2oHlHXn8%3D

quick look here, also looking good for further upside.

Closed the week above the 200 day ema line for the first time in a quite a while, and broken above a triangle, so this should by all intents and purposes continue higher.
As long we do not get a close below the 200 day ema line.....

atb, wdik, dyor,
trendfriend

Hi F4T...

well you are absolutely right, this does have a lot of resistance in the 60's.
I bought some of these on the trendline break(couldn't resist), and added at 62p yesterday....so lets see how it goes...

pmo - daily.
uk.advfn.com/p.php?pid=chartscreenshotsh...Nyn+zjd3jmjgvxjmtu8=

I think the trendline and the 200 day ema line are the key here imvho...
I have put around the previous attempts to break that 200 day ema line, which it never convincingly managed to do....

With the t/line, 200 day, and whats looks to be a rsi breakout, should be enough for a momentum trigger to push on here, but its still early days......lets see.....
I think the 80's, should be a achievable target here

atb, wdik, dyor,
trendfriend

64.50 is the key number IMO. Horizontal resistance of last swing high, 200SMA on daily and 50SMA on weekly. Then 68.50 then 96 (again).

F4T

Premier Oil daily.
uk.advfn.com/p.php?pid=chartscreenshotsh.../HDo6VCt7VU90wdJBw4=

This is looking interesting imvho, and i like the look of the setup, looks like a nice bullish breakout about to take place.

Normally i would buy the breakout of the trendline at 57p currently, but in this instance with the 200 day ema line located a few pence above it makes sense to wait for break and close above this feature on a end of day closing basis currently at 61p....

Targets above 61p > 80p> 100p
stop below 52p.

On the flip failure of 52p calls for mid to low 40's imvho.

atb, wdik, dyor,
trendfriend

This looks like its finding its feet now.....
possible 1,2,3 low at 68.5p, so watch that level, and 71p (200 day ema line) also importannt.

A move above could see 90/100p area imvho....

atb, wdik, dyor,
trendfriend

premier daily.
uk.advfn.com/p.php?pid=chartscreenshotsh...e+ZOXAIQdUCpK7UfDRI=

This failed to close above the 20 day ema line, nothing bullish in any way about a stock that can not even get above the 20 day imvho....

No trade here atm, just a bounce from oversold levels, and a one day wonder, this should by all intents continue lower imvho....

watch the 20 day ema line, no close above no higher...

atb, wdik, dyor,
trendfriend

pmo daily.

F4T, please keep posting...you never know when someone wana jump in for a trade.....
Its always a learnung curve too...
Good weekend...
G

64.50 close on weekly failed to repair trendline break, RSI backtesting break. Also bearish harami on daily.
I expect this to retrace further Monday to minimum 61 (trendline support on daily). 50% retrace of move at 60.50.



F4T

PS: if no one else is trading this I will not clog up the board with updates.

SMA20 is at 66.80, a natural resistance.

Yes, you could well be right F4T. This could be the real deal, and i'm watching to get a long entry, but only when i think it's the real deal....

I don't follow much fundamentals tbh, (no time!). Sometimes that works for me, sometimes against....

Anyway PMO, this stock respects technical's, that's what i like about it....the rsi and ema lines are always well behaved here....

So is the real deal?
Need one more big up day imvho....need to clear and close above 66.25p on eod basis...but i may take the long on at 66.5p intraday with tight stops....lets see,...

I still don't think this the real deal, not convinced here yet tbh....

see the two candles in the circles almost the same.....and the consistent failure at the 20 day ema line.
Maybe same again? lets see...

if we get a rsi breakout, and convincing move above 66.25p, time for the longs, that i agree, i said that yesterday.... until then this could i honestly think come straight back down.
I think this could just be a one day wonder......but wdik...

lets see, good luck if your in this already....i'm no hurry to get in myself...

Austin, don't rush to short imho...(i don't like shorting tbh), but if you do, wait for the ema lines...
66p the level to short this with tight stops.....

atb, wdik, dyor,
trendfriend
pmo daily..

.


Note that chart is still in confines of a falling wedge which is more bullish than bearish. Looks like we may break out today.

GL
F4T

PS: had some trouble posting today, hence duplication.....

Hi TF,

agree that 48.50 is the key downside support which must hold.
However, I think PMO has an opportunity to repair (once again) the technical breakdown this week. To do so SP needs the following:

Daily close above 60.75 today, rising trendline
Weekly needs to close above 65.75 by Friday close
Monthly needs to close above 75.50 by month end. This is a challenge.

The above will repair all trendline and RSI breakdowns and is called a jab.

RSI support is still intact on the daily and this for me is key.

Having said that, downside risk is heavy and if the above does not materialise all bullish bets are off.

The reason I centre on this stance is that technicals must always be balanced with fundamentals. Pick your stocks on fundamentals and trade them on technicals. We also have to take in the fundamentals for the commodity here and look beyond short term volatility. Crude needed to let off steam after being in a range for so long.

So, we need a close above 65.75 by week end and I would put 75.50 as a good sell point.

Hi TF,

agree that 48.50 is the key downside support which must hold.
However, I think PMO has an opportunity to repair (once again) the technical breakdown this week. To do so SP needs the following:

Daily close above 60.75 today, rising trendline
Weekly needs to close above 65.75 by Friday close
Monthly needs to close above 75.50 by month end. This is a challenge.

The above will repair all trendline and RSI breakdowns and is called a jab.

RSI support is still intact on the daily and this for me is key.

Having said that, downside risk is heavy and if the above does not materialise all bullish bets are off.

The reason I centre on this stance is that technicals must always be balanced with fundamentals. Pick your stocks on fundamentals and trade them on technicals. We also have to take in the fundamentals for the commodity here and look beyond short term volatility. Crude needed to let off steam after being in a range for so long.

So, we need a close above 65.75 by week end and I would put 75.50 as a good sell point.

Short this morning's rally, stop just above 62p.

Last one, quickly here.

48.25p must hold level, if that fails this could go to 25p, maybe 20p in extension....
I think from here, at least a 50% chance it will do just that imho... certainly should move lower from here....

Maybe worth a long at 48.25p, if anyone really like these....i'm gonna give it a miss...

Longs only if 60p gets closed above on a eod basis for me.....and 3x close above 66.5p cancels the bear argument.

atb, wdik, dyor,
trendfriend

pmo daily.

Great call

Thanks mate

Hey F4T,

These are from IG, not sure how reliable they are compared to the more sophisticated packages out there!



dl.dropboxusercontent.com/u/24866576/201...30-06%20PMO%20MA.png

Cheers
M

It's that I am out of contact with my charts

Can someone please post the 20,50 and 200 sma's this evening please.

Cheers
F4T

Hi F4T,

Not sure if your saying this is bullish or bearish....

Your right about the rsi on the weekly and monthly....
i don't see anything bullish imvho....this is doing ll's and lh's.

if we get a rsi breakdown on the daily and the 50 day ema line crossing down to the 200 day ema line....this is going to dump hard......once (and off course if) 58p goes.....

I said last week it was a important week for pmo, my word this week is maybe more vital.....
lets see what happens....this has the potential to get nasty imvho ...

atb, wdik, dyor,
trendfrend

Well, I have rarely seen such good support than on this daily.

Trendline support
Gap support
Strong medium term horizontal support

We also have short term positive divergence and volume indicates a bottom is in play and a falling wedge which is bullish and a spinning top yesterday which suggests indecision and possible short term trend reversal. Beautiful!

Unfortunately both the weekly and monthly have broken trendline and RSI support.

F4T

no worries lol

We have all been there

Sorry, yes bearish/downtrend. School boy error on my first post, I should wake up before posting. Wrists firmly slapped.

Hi Tenfourzero,

Thanks for your post, its nice to see new people posting and thanks for your comment.

About your post, do you mean bearish rather than bullish as bearish implies price going down and bullish implies price going up. The support areas I can see are 60 (strong support) and then 47.88.



Please continue to post as thats what chartsview is here for to help and support each other

Long time reader, first time poster.

I see a gartley bullish pattern for PMO, the percentages are bang on so I am highly confident of the bull trend continuing down to the first (it could drop further) target area of 41-59. This ties in with my support tl of 58 as my target.

Would welcome thoughts on this.



Would like to take the opportunity to thank Ronnie & RedChilly for their posts.

Ashamed to say I bottled it yesterday and closed down my short for a tiny profit, oops, looks like that train has departed

Well, this played out as I suggested. The sub 71 close for the month is key IMO and the fact that it closed sub 70 on the daily with a bearish harami only reinforces the bearish picture.

Would like to see this gap close now to complete the retrace at something solid. This creates a nice springboard for the next rally.

GL
F4T

Just some quick charts....
This has given up most of its surprise gains from yesterday....no position here atm, chart just out of interest.

4 major resistance levels on the daily here....which i have labelled. between 73.5 and 79p
If it can get above those on a end of day basis, witha rsi breakout....then it's game on....
otherwise this should keep makinhg lower lows, insid ewhat looks like a bearish broadening triangle.

atb, wdik, dyor,
trendfriend
premier daily.

I think a gap close is still possible this week but it is unlikely that there will be a close below my trendline at 59.
I see today's rally fading as the day progresses, or into tomorrow. Will be interesting where we close. Just below 70 would be my call.

Volume indicates that a bottom is being or has been formed.

Just when it looked like it was going to topple over.......a nice rally!!

Anyway i'm seeing a weekly close above 75/75.p being the 20 and 50 day ema lines as the key here.....

no break and close no higher....

atb, wdik, dyor,
trendfriend

Can't disagree with TF's earlier post, particularly re: RSI lines. I won;t post charts as TF has covered the bearish summary. My chart trendlines differ a little though.

Daily trendline support today is at 59 and rising. Gap at 60 and 200sma resistance at 71.30
Weekly trendline support at 64.50 (this stopped Fridays descent)
Monthly trendline support at 71

My analysis suggests the following:
1. We should see a gap close at 60 this week
2. Monthly chart is very worrying. SP needs to close above 71 tomorrow (month end) to repair the fall
3. Daily 2000sma is at 71.30 currently, so a close above this level also repairs the daily.
4. A close by tomorrow above 71/71.30 will repair all RSI supports.

So, 71 and 59 are the key levels today.
After this mornings price action to 70 it will be fascinating to still see a gap close at 60 before tomorrow and a repair at 71.30 - I think the general markets are set up to support the gap close but I am doubtful about the monthly chart repairing itself. Let's see

F4T

PS: If you are gong to short do it now IMO. It is too risky to short anything below the mid to high 60's in my opinion and that window could disappear rapidly. It's not for me.

Short would be the right direction to trade here....but firstly this still above 60p and 50p, both strong support levels, and places where buyers have come in for the stock...

If you wait for those levels to go, not much meat left on the bone then....so form a r/r point not worth while...
Any kind of t/o talk, could well send it to the moon......

best trade, no trade imvho....

atb, wdik, dyor,
trendfriend

TF,

Thank you, thank you, thank you - a very educational post, for which I am very grateful.

Given your bearish view point, do you not think it worth shorting any rally next week? With (even the outside) possibility of 20-24p, any short with a stop >80p represents a good risk/reward?

Been saying this looks bearish since it was in the mid 80's, and after staying on the sidelines during the drop, i was eyeing that 60p area as well, as a decent entry here.....

But i have changed my mind now.....and i will try to show you why.
first the daily.
its in this trend channel, and approaching the support trendline.....but will it hold?
Look at that rsi support trendline!
Its about to get busted.......right? also note how all three ema lines are pointing south.....


Next the weekly...
Again note the rsi.....bang on support....
If that rsi fails, it could well be a sign that 60p will not hold.....i certainly would only buy if the rsi holds.....no hold of trendline no trade...
If 60p fails, a pivot support level is at 50p.....if that gets taken out....

A weekly break of that rsi(if it happens) is suggestive of longer term weakness....


Finally the monthly.
You can see this halted at resistance at 100p.....and is that a bear flag on the monthly???


so in summary i'm no hurry to buy back here, let it play out, settle down, and then we take it from there...
This needs to hold 60p......and 50p is last stand, and vital here imvho.....because if that fails, i see at least a decent possibility of this going lower, a lot lower, possibly as low as the gap between 20 and 24p.....
On the flip side if 60p holds, and this rebounds above the 20 day ema line.....then it may be worth entering long....lets see.....
Atm, this has the potential at least of getting nasty...

Just my view here, and the best trade here atm, is no trade at all.....stay out and watch imvho...

atb, wdik, dyor,
trendfriend

TF, not in the least bit offended (you'll have to try harder ).

If you had posted it on the 17th it might have been a timely reminder to bale out earlier. My own fault though.

Weekly is interesting, would have thought that given how long 78 was resistance it might have held out a bit longer once it was support, especially with the 20 & 50 EMA just below. 200 & 100 EMA flattening and also a triangle formed, I don't feel particularly bullish right now


Daily; yes I see the gap at 60 (interestingly supported on the weekly at 59 from the trend line), so worth a punt, especially if the RSI were to turn upward. It is quite a ways to 45 for a stop but certainly a first buy in at 60 could be worthwhile, especially if holding longer term.

WDIK?

Hi Austin,

That chart was not related to your position in any way.....please don't get offended.....
just a general chart, of how folks pile in thinking its the bottom(doen it myself many a time)......but the bottom is some way further down...I did that chart on 17 feb, forgot to post it.... and remembered it when i saw it drop today.....so thought i'd post it here.....


Anyway.....i'm thinking gap close at 60p the place to buy some......and double up on the position if it drops to 50p, which may be a possibility now imvho.....stop under 45p?

lets see....how are you guys seeing this now?

atb, wdik, dyor,
trendfriend

Hi TF,

That chart is very amusing.

Like to think I wasn't in panic mode - that is what stops are for after all. I'd rather not have taken the loss but it is all part and parcel of trading I guess.

I have next support at 61.2.

I did this back on 17 Feb 2017.....

Thought it was interesting, in that this how the big boys play us.......
smart money meaning the city boys, and dumb money us guys!!
been on the wrong end of it many a time....

Hope you were stopped out or sold Austin?

atb, wdik, dyor,
trendfriend

Hi Austin,

No position for me here atm.....i was planning on going long, but after seeing how its played out, and looking more closely at the chart, i think maybe more downside, but i could be wrong.....

I could off course be wrong, and i like this company, and this is still a good recovery play longer term...

I think a weekly close below 75.5p is key imvho....if that happens then 60p gap close looks possible....

If i'm wrong, and this is going to zoom up, then a break and 2x close 83/84p(dropping a touch daily) being the overhead resistance, and 20 day ema line....would have all the bears back behind bars.....and bulls in charge again.....

possibly also be a triangle in play......again lets see which it breaks....

This could go either way imvho....but i think it may be down to 60p, before flying back up....
uk.advfn.com/p.php?pid=chartscreenshotsh...mk7u3Kk8+YsPql4yO/0=

atb, wdik, dyor,
trendfriend

Thanks for the prompt on the other thread.

Are you still looking to go long at the Weekly 50EMA (I have 76.2), or are you sidelined?

My stop currently at 72, might nudge it up slightly as the Daily 200EMA is 74.3.

Happy to sit and see what happens, fingers crossed.

Hi Austin,

I would be careful with this....this could drop further.....
there is another thread under crude, pmo.....check that for upto date analysis.....

I think a weekly close below 75p, could open 60p, and 50p in extension....

atb, wdik, dyor,
trendfriend

Hi TF,

Looks like your 80p support worked out and with a 1-2-3 low maybe now it is ready to ascend?

The 100EMA was support also the other day with the 200 just a little lower, I am in at 80p and a tight stop just below the 200EMA.

GL

Stopped out here ......i was seeing 95p as the key level, and we did manage to climb above 95p, but it was never convincing......and the failure to hold 95p, gave me cold feet, and so i moved my stop to just below the 20 day ema at 88.5, and so was duly stopped out.

anyway i think 81p, possibly 80p will be strong support, still think this should be good long term, and i will buy back at that level, with a stop under 71p, but i may move it to profit if it rallies, so lets see.....

atb, wdik, dyor,
trendfriend

Looking at the weekly the break above that 80p long term resistance, is hugely significant imvho.
I think for me anyway the pivotal level at this moment is 95p.
If this can get above 95p/96p, and not look back then the next level looks to be 120p area, followed by relatively minor 165p and then onto 190p/195p area.

A broadening triangle on the weekly is showing a potential 190p area as a best case target, and i'm happy to hold these for the longer term, and see where it takes us......off course as always stock positions are never without risk, so my stop and line in sand is at 44p atm.....

so far, so good.. lets see how it goes from here....

atb, wdik, dyor,
trendfriend