PTRO - POWER PLAYPosition Update: October 22, 2024
Key factors:
1. Low-risk entry point.
2. The pause formed a small cup and handle.
3. It surged over 100% within eight weeks.
4. Corrects only 15% during on the pause, indicating big institutions' reluctance to sell their positions.
5. High relative strength, outperforming the general market.
5. The stock is moving on its own universe and marching to its own drummer.
6. Volume diminishes during pauses, indicating less supply coming to the market.
7. The general market is in the early stages of a bull campaign.
8. Huge volume on the breakout.
Consideration: Despite a favorable technical setup, risk should be managed diligently given the stock's sharp ascent and potential for profit-taking. Establishing stop-loss levels and monitoring market conditions is essential.
This is a textbook Power Play setup. I’m looking forward to seeing further constructive price action moving forward.
