Premier - PMO

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