Three Things to Remember - Thursday, page-26

Hi Robbo, apologies for not replying earlier. Thanks to the new HC and its upgraded search function I may have never seen your post.

Anyway PMV has two opposing structures currently active against each other. The double bottom from December to February played out nicely on the long side however formed a smaller double top against the 261.8 which can often indicate the end of that particular trend. As of right now it's in a downtrend from that double top and just starting to get into oversold territory as of last Friday, however I wouldn't rush into a long position just yet.

The important Fib numbers that created that recent impulse move up to the 10.00 area are the retracement levels between 7.95 and 7.54. If PMV can't find strong support within that range then the risk of a new and stronger downtrend becomes very real. So as of right now I'd sit and watch volumes within that range and think very carefully about whether I'd be prepared to hold it below 7.54.

Cheers