Premier - PMO

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

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 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.

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

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?

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