Premier - PMO

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

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