Que, the chart for PGO doesn't bode as well as HC's chart.
Today PGO closed below it's 10 day moving average. The moving average is of concern to me. It has a sharp rise and as a rule a sharp rising moving average usually corrects.
The merger situation may affect the technical indicators somewhat, but I can't take the luxury of ignoring them. I think it's important to stay disciplined if you want to be consistent. If you miss some moves as a result, so be it.
With that in mind, I see PGO dropping to around $6 where the 50 day moving average should help provide some support.
stockcharts.com[h,a]daclyiay[pb10!b50!b200!i!f][vc60][iut!Lb14!La12,26,9]&pref=G
Of course, any positive news about the merger can change the situation, but the above is how I see PGO performing absent any news.
Today's action in VTS should be of concern to the bulls. Too much selling pressure as it tried to rise. Although it finished higher than the open, it still finished down on the session. Today's candlestick pattern has negative connotations, due to its location in the trend.
It is coming up on support and it's important that this support level holds as the next level of support is much weaker.
stockcharts.com[h,a]daclyiay[pb10!b50!b200!i!f][vc60][iut!Lb14!La12,26,9]&pref=G
dabum |
