PMO, Premier oil Elliott wave update for week stating 24.08we are close to the RSI resistance level so I am expecting a reversal at Fibo ratio 78.6%
PMO
Premier oil, PMO, long wave 3 is coming Wave analysis shows we are at the end of the correction in teh 1-2-1-2 structure.
you can consider buying after the end of the c wave correction
Ideal entry into PMOThe major support / resistance level at 34 held with bullish formations currently visible on all time frames, brent futures are up and "LONG" is written all over PMO! My first target is at ~43p level. Mid term we will most likely see a new maximum (since March) at about 60p. The 50 EMA should cross the 200 EMA within days confirming the end of June / July correction.
Disclaimers: This is not advice or encouragement to trade stocks. No predictions and no guarantees supplied. Any previous advantageous performance shown in other scenarios, is not indicative of future performance.
PMO locked with apex approachingWhen the SP started moving up and broke into LEVEL 2 (+ positive OIL news) hit ~34 and was rejected. Then we had a clear inverse head & shoulders LONG pattern but were rejected by the big gun once again. At the moment we're approaching the apex. On one hand we see that the buyers are very strong everywhere in the 20s and on the other hand, the sellers are defending the 34 level. Will the SP be able to break 34 and continue the uptrend? Please post your thoughts in the comments! PMO is pivoting on the BRENT/OIL price situation which remains unclear... no definite long/short.
MYOS Running out of JuiceAlas, she couldn't break through the upper resistance trend line this time around. I think she's run out of gas and needs a pullback to refuel. RSX shows a sharp peak and rapid decline, and DPMO shows a textbook false top > actual top > crossover. The trend remains bullish but needs to cool down and give it the opportunity to gradually build some positive momentum.
If you're long or looking at opening a long position, watch out for the bear kiss (a quick price climb where the PMO line comes back and touches the signal line); this is typical of a price momentum reversal and could very well leave you bagholding for a while.
I foresee a small pullback (maybe to 1.60 or so), and a quick bounce near upper resistance (approximately 1.90) (this would give us the bear kiss on DPMO, and likely initiate the ttm squeeze), then a sharp drop to approximately the 0.786 fib level, followed by some more consolidation in the range between 1.34-1.59. I would love to see a double bottom at 1.29, then re-establish support on the SMA200 and eventually the SMA50. So long as these two don't cross back over each other, I'll remain bullish on this ticker over the medium- to long-term.
Is that a bull kiss in your pocket . . . ?Or are you about to crash and burn into the ground?
Price momentum oscillator (PMO) is the lowest it's been since January 2016. PMO crossed above the signal line Dec. 3, but
For the uninitiated, the bull kiss is the strong confirmation signal to follow when the PMO crosses above the signal line. The PMO will look like it's going to sputter out and drop like a rock, either converging on or even "kissing" the signal line before it gets a second wind and bounces upward. So is it a bull kiss? Unfortunately, I don't think so.
Here are three prior bull kisses on DNR:
Note that these PMOs have a steeper grade with more upward movement. The current PMO looks too flat for me to wager that it will bounce up from here. I'm done trying to catch the falling knife here. This is way oversold, but the selling pressure won't subside until oil finds a bottom and overall market volatility settles down. However, if the PMO can stay above the signal line today, that would make tomorrow and next week very interesting.
CRMD - Technical Indications for Impending BreakoutI'm in at 1.34. Notes given on the chart. Conduct your own due diligence.
ERF - Multiple TA Signals to go LONG1. Bullish engulfing candlestick on Friday (a particularly bearish day for market)
2. Recent crossover - 7-day JMA crossing up on 10-day DWMA
3. Upward trend line held support on Friday (although this is a weaker signal because, although trend line starts January 2016, it was only established when bottom was reached on 10/30/18)
4. Impending price momentum crossover on signal line and crossing up on OS line
5. Impending RSX crossing midline
6. Recent MACD crossover
7. Two gaps above that need to be filled
