ARMADA
Armada is pretty much a directional momentum play heavily influenced by oil price movement and severity of recession caused by prolonged Covid pandemic. A near 80% fall from high of 0.54 to 0.115 places it into attractive bargain-hunting territory. I predict a 30% rebound back to 0.308 retracement level if it breaks the immediate resistance around 0.245. The overall bear market is still hanging over any potential recovery.
Comment:
I bought at 0.135 and looking to TP at 0.195. Expect price to retrace back to 170 level before consider buying again for quick profits
Comment:
Price continues to follow the lead of oil prices closely with no clear direction. As we enter Easter break this weekend, expect more intra-day volatility with no compromise between Russia and OPEC in sight. Any uptick likely to be followed by some profit-taking
Comment:
OPEC countries and Russia negotiations are back on the table but Mexico rejected the deal to throw a spanner into the works causing oil prices to retreat.
Expect Armada price to be pressured today amidst uncertainty in the negotiations and reluctance of investors to hold open positions going into the long weekend.
I would not enter the market today and wait for more clues next week to buy on the dip.
Expect Armada price to be pressured today amidst uncertainty in the negotiations and reluctance of investors to hold open positions going into the long weekend.
I would not enter the market today and wait for more clues next week to buy on the dip.
Trade closed: target reached:
TP at the high of 0.195 on 9th Apr, now looking for bargain around 170 level. Oil price failed to be catalyzed by the OPEC+ news suggesting investors are now pricing the economic situation post-Covid that will significantly reduce demand for oil. Prefer to wait and see how US market reacts tonight when it opens post-Easter weekend.
Comment:
Keep looking for bargain when price retraces as outlook for oil turns positive. More upside expected