Energy has not been the best performing sector recently. However, the Oil & Gas Midstream still looks decent. PBA is one of the stocks from that industry that has a nice-looking chart.
Trade characteristics:
- it's right on the long-term resistance that was broken and the price now clusters around it
- volume has been declining steadily, picked up 14th Apr
- the price is above all key VWAPs
- if the former resistance / new support holds, there is a potential for a high move
- risk trade as the energy sector keep showing weakness
I'm interested in buying it if it can get above $26.69 and hold that level, with a tight stop (since it's risky trade) below Friday's low.
Other interesting setups from the energy sector (but different industries) are: XOM, CVE, SU.
Trade active
entry triggeredNote
taking 1/3 off as it looks too overextended nowNote
dividing sl into two: 1/3 to BE, 1/3 stays as it is nowNote
moving the second SL to BENote
splitting once again - 1/3's SL goes below today's lowNote
selling another 1/3 as the breakout level has been reached.Note
moving sl of remaining 1/3 below 29.80 - solid support thereNote
caution: earnings in 3daysNote
moving sl to 30.60Disclaimer
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.