PnF chart of IMO (Imperial Oil) stockcharts.com
So what else is new... the trend is down (for now), the question is will it violate support @ 35.00 or will it bounce off of it & continue its bullish run? Again another Pnf triangle forming, I would wait to see how it is resolved, before I took a long-term position( bare <no pun intended> in mind that the longest I have ever held anything is 1.5 maybe 2 years)
On the daily chart stockcharts.com[w,a]dicayymy[dc][pc5!c21!c50!c200!h.02,.20!f][vc60][iut!Ul14!Lc20!La12,26,9!Lh14,3!Lb14]
Negatives: -D1 just crossed over the +D1, CMF declining, ADX possibly indicating a reversal of the previous trend (still too early to call yet), RSI turned down & lower low, very nasty hanging man candle (IMO)...note that I am still learning about candles & patterns. Hopefully Shack might comment on the last 3 candles... maybe an evening star?.... (white soldier, then a doji followed by a hanging man) litwick.com
Positives: Macd!, Another stock that is sitting right on its 200,50,21 & 5 day ema. Hopefully that congestion of moving averages will provide support. As an aside I have noted recently that many stocks that are (were?) in bullish trends are now sitting on this massive congestion of moving averages. FWIW according to the PnF chart if IMO breaks support @ 35/34$, next support is @27 & $21.
I rely heavily on PnF when it comes to support & resistance, because anecdotally it is scary to see those targets (upside & downside) realized. ie: NT, GE, GM, F, yhoo, ebay, msft, ....etc
Regards,
Peter |
