Long

PBA - the rest of the resistance

Updated

Energy has not been the best performing sector recently. However, the Oil & Gas Midstream still looks decent. PBA is one of the stocks from that industry that has a nice-looking chart.
Trade characteristics:

it's right on the long-term resistance that was broken and the price now clusters around it
volume has been declining steadily, picked up 14th Apr
the price is above all key VWAPs
if the former resistance / new support holds, there is a potential for a high move
risk trade as the energy sector keep showing weakness

I'm interested in buying it if it can get above $26.69 and hold that level, with a tight stop (since it's risky trade) below Friday's low.
Other interesting setups from the energy sector (but different industries) are: XOM, CVE, SU.

Trade active

entry triggered

Note

taking 1/3 off as it looks too overextended now

Note

dividing sl into two: 1/3 to BE, 1/3 stays as it is now

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moving the second SL to BE

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splitting once again - 1/3's SL goes below today's low

Note

selling another 1/3 as the breakout level has been reached.

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moving sl of remaining 1/3 below 29.80 - solid support there

Note

caution: earnings in 3days

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moving sl to 30.60

sl-wk

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