I last posted on PETM on 19th November when price gapped up past the very strong resistance from October 2013.
At that time I recommended standing aside until this level had been retested. If anyone bought this short-term the trade would've probably broken even or realised a very small profit.
Since then price has come back to retest $77.32 and the pivot held firm - previous resistance has become support. With yesterday's gap up on very high volume this has now become a far better opportunity to buy this stock.
In the near term the only downside is yesterday's bar was fairly bearish. Longer-term there is now support at the $80 zone (with the recent pivot high just below this at $79.68) and beyond that major support at $77.32.
At that time I recommended standing aside until this level had been retested. If anyone bought this short-term the trade would've probably broken even or realised a very small profit.
Since then price has come back to retest $77.32 and the pivot held firm - previous resistance has become support. With yesterday's gap up on very high volume this has now become a far better opportunity to buy this stock.
In the near term the only downside is yesterday's bar was fairly bearish. Longer-term there is now support at the $80 zone (with the recent pivot high just below this at $79.68) and beyond that major support at $77.32.