Premier - PMO

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?

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

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.

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

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 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
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