PAM starting to breakout
Updated
PAM was recently taken lower with concerns over demand for oil. However, profits have increased from 2020 to 2021. Add to this the elevated price of oil along with Exxon and Chevron reporting record profits and the outlook for PAM is solid as it operates through: Electricity Generation, Distribution of Energy, Oil and Gas/Petrochemicals. Debt to assets trending down from 2020 to 2021 and PE < 4 with consistent cash flows.
Daily and weekly volume have started to trend up along with the price on target to hit the ~25 range soon which would be the 3rd time since April this year. Weekly energy is in the 60s and RSI hook showing positive upward slope. Daily the downward trendline has been broken to the upside and closed above that level.
Daily and weekly volume have started to trend up along with the price on target to hit the ~25 range soon which would be the 3rd time since April this year. Weekly energy is in the 60s and RSI hook showing positive upward slope. Daily the downward trendline has been broken to the upside and closed above that level.
Note
This has been a good trade having moved from 24 to 30 since mid summer. It can still run a bit more based on weekly energy, however once it approahces 32 it might face overhead resistance.
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