After PGAS rallied for some times weeks ago, then it had just turned down. Well, so far there's no indication that PGAS will go down so soon (Bearish hasn't been seen).
Fundamentally, the additional income it will earn for the newly signed contract will be an attraction for investors to buy. As well as the consumption of gas has increased since the scarcity of the oil.
Technically, PGAS formed a long black candle at the last day trade with a declining MACD histogram. In addition, it has almost touched the declining trendline, which is the caution & might be a happiness. Well, once it breakdown the 3700 downtrend support line, it will test the parabolic SAR to confirm the Bear at 3675. Then after both are broken, it will attempt to go down to 3575, which will be a good point. But let's not talk about the worst condition, let's say that it will stay there. & only will go down for a short while, then the next down target is only at 3700-3725.
But based on the other indicator which implied that PGAS is slowing down & we still don't know the length of the slowing down. Then it's better to take your profit for this moment.
Remember, the buy point is not far away. And it might be a bad situation if any bad news come.
Rating:
Sell On Strength, TP 3775-3800.
Buy On Weakness at : 3550-3575 (support)
Target mid-term: 4100-4200 (by OD)
Happy Investing^^
Disclaimer ON!!!
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