Pacific Gassing the GaP
Diupdate
Markets are on general path down. PCG is setting up nicely to continue its run up in the short term with minor resistance at $20 and strongly at $24.00.
Things are not totally in the clear for PCG as there is lots of headwinds fundamentally (bankruptcy, liable, costs to prevent infrastructure mishaps expected to increase...etc..). This is not the first time PCG ran for BK, so experience is on their side and the uncertainty of how things will go can present some very nice short term swing trades in both directions (options). Keep a close eye on the momentum direction and play the trend.
PRICE ACTION:
Long Term S/R Level at 14.50 and 17.00 (set back in 1988) along with bouncing out of the sub-10 levels set back in 2001 and again 2003, when a nice "W" appeared and $24.00 was touched. (sorry you need to zoom out to see this). These levels are identified with S/R lines @ 14.50(S), 16.92(S) and 23.96(R). Technically, the uptrend from the start of the year to present was pretty consistent with the overall market, however unlike the general market, the UP trendline set in January has not broken and still has room to move sideways. Additionally, the Down trendline established from Nov-18 to Jan-2019 was broken, and with confidence. Likewise the 1988 Support at 16.92 held wonderfully and trading resumed higher along the January 2019 trend line.
If 19.00 is broken and the PCG can stay away from negative news, then a march to 20 could be very realistic. For the short term, I like the swing trade between 19.00 and 20.00. Ill take $1.00 all day. Should the 20.00 break then look to hold into $24.00. For me the GAP Down on January 7, 2019 is a level to watch closely.
EXPECTED ENTRY/EXIT: 20.00/24.00
TIME FRAME: 6 months
TYPE of TRADE: Short Term Swings (19-20) and hold to 24.00 if the 20 breaks.
Things are not totally in the clear for PCG as there is lots of headwinds fundamentally (bankruptcy, liable, costs to prevent infrastructure mishaps expected to increase...etc..). This is not the first time PCG ran for BK, so experience is on their side and the uncertainty of how things will go can present some very nice short term swing trades in both directions (options). Keep a close eye on the momentum direction and play the trend.
PRICE ACTION:
Long Term S/R Level at 14.50 and 17.00 (set back in 1988) along with bouncing out of the sub-10 levels set back in 2001 and again 2003, when a nice "W" appeared and $24.00 was touched. (sorry you need to zoom out to see this). These levels are identified with S/R lines @ 14.50(S), 16.92(S) and 23.96(R). Technically, the uptrend from the start of the year to present was pretty consistent with the overall market, however unlike the general market, the UP trendline set in January has not broken and still has room to move sideways. Additionally, the Down trendline established from Nov-18 to Jan-2019 was broken, and with confidence. Likewise the 1988 Support at 16.92 held wonderfully and trading resumed higher along the January 2019 trend line.
If 19.00 is broken and the PCG can stay away from negative news, then a march to 20 could be very realistic. For the short term, I like the swing trade between 19.00 and 20.00. Ill take $1.00 all day. Should the 20.00 break then look to hold into $24.00. For me the GAP Down on January 7, 2019 is a level to watch closely.
EXPECTED ENTRY/EXIT: 20.00/24.00
TIME FRAME: 6 months
TYPE of TRADE: Short Term Swings (19-20) and hold to 24.00 if the 20 breaks.
Catatan
looks as thought we will see a retrace before entering at $20. Letting the trade come to me, not taking too early.
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