PetroChina due for a Drop? Likely yes. PTRA move on the Wave C in the suspect zigzag here is somewhat premature. Given that, data shows that this should happen anyway. This Wave B is unlikely to be a strong one, given the time and the moves that passed. Fibonacci is as always a very useful tool in showing us where we might be going. Time will tell us how low exactly we will descend if we are indeed.
We are not in the business of getting every prediction right, no one ever does and that is not the aim of the game. The Fibonacci targets are highlighted in purple with invalidation in red. Fibonacci goals, it is prudent to suggest, are nothing more than mere fractally evident and therefore statistically likely levels that the market will go to. Having said that, the market will always do what it wants and always has a mind of its own. Therefore, none of this is financial advice, so do your own research and rely only on your own analysis. Trading is a true one man sport. Good luck out there and stay safe!
PTR
PTR Petrochina showing signs of life, on bull trend watch.daily trend forming and support base has formed. benefits from oil and non dollar action, and its china with their gdp growth potential.
LONG PTRExpecting bounce from extremely oversold weekly and daily levels. If stop breached, be prepared to catch new daily reversal on lower levels with a tight stop.
PTR - Petro China @ The Puristic Reaction Line:Action/Reaction is the purest form of Fork Trading.
The blue & white lines are taken from the past swings.
As you can see, price reacts at these levels.
Currently there is a high chance that price could hold at the blue reaction line and therefore move its way to the north.
Babson made over $50'000'000 back in the 1900!!
Years ago I thought, this technique could be worth investing some time and money.
These days I'm happy I did.
In fact, I don't trade anymore without the forks and/or A&R, Newtons universal law.
Let's observe, learn and earn §8-)
P!
