Closed Remainder PTAL on D/T at 60.3
UPDATED Fri 10/6/22: PTAL reclaiming lost ground as Oil continues north . RSI is diverging as price approaches previous ATH - expecting a rejection so will close the remainder if price doesn't exceed recent high of 63p with supporting volume
As already stated: parabolic moves are difficult to predict but technicals are stretched . This may well have room to run as the max historic RSI is 85, the 61p price is below the target of 93p so should be room to run
VWAP is at 45.5, 8 EMA at 54.8. Given overall weakness in markets, if oil rolls over then rapid profit taking may occur which could see a sharp pull back to the 48.1p area which is the 21EMA: this may provide a buying opportunity
[perfectpullquote align="full" bordertop="true" cite="" link="" color="#F00000" class="firstclass" size="28"]Closed the remainder of this trade at 60.3 as it appears unlikely PTAL will push through the recent high [/perfectpullquote]
PTAL 40.5p here took additional profitsat 59.4p to cover costs of capital and book partial profits letting the remainder run risk free: from entry that is +47%
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More Selling Ahead: Gold’s Move a Haven Play Despite DXY
Asia carried the selling baton from the US' sharp sell-off Friday with FTSE Futures set the cash at to open -60 on Friday's close as inflation and recession dominate narrative (see charts). DXY made a sharp move north Friday on interest rate expectations : this normally sends gold in the opposite direction: not in this market. Gold's breakout Friday may prove significant in terms of a haven play and a read on a wisdom of crowd's view of worsening inflation outlook. Irrespective it's a tradeable opportunity both in the metal and the miners. Bitcoin, as a proxy for liquidity, pitched sharply lower over the weekend to the $25300 level.
- - Indices look set to test recent lows.
- - FTSE 100 dropped 200MA and is forming a head and shoulder reversal pattern
- - US indices closed on lows with NASDAQ -3.6% may recheck recent lows: see stock map
- - Brent checked back to the 8EMA and seem content to stay its course $120
- - Copper is pulling back confirming the bearish tone support at 423
- - Sentiment remains south of 30 in VIX at 28
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