Premier - PMO

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:








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