PBF: Potential start of the up move here
Updated
PBF has a solid setup here, it's bound to breakout above the highs soon, so we can start buying gradually until it shoots up.
Good luck!
Ivan Labrie.
Good luck!
Ivan Labrie.
Note
Tim West has shared this article with me, it's quite relevant: marketrealist.com/2016/10/integrated-energy-refiner-stocks-lead-short-interest-6/Note
"PBF Energy Currently, PBF Energy’s (PBF) short interest-to-equity float ratio is 14.3%. One month ago, it was 11.1%. Three months ago, it was 7%.
In the past three months, PBF Energy’s stock has fallen 3.9%, while the short interest-to-equity float ratio rose 104% during the same period. Its net debt-to-EBITDA ratio was 0.5x in 1Q16 and its cash and cash equivalents were $1.4 billion."
Note
From the Key Hidden Levels chatroom:the Gasoline boost helps
this puts us against resistance
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the short interest can lead to a massive short squeeze
s3.amazonaws.com/tradingview/snapshots/p/p5ZAwQxv.png
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the short interest can lead to a massive short squeeze
s3.amazonaws.com/tradingview/snapshots/p/p5ZAwQxv.png
Note
Now we're talking!Trade closed manually
I'm out, waiting to reenter longs, either lower, or higher.Note
Nice dip to rebuy, I'll buy back gradually over a week from Monday close.Note
Good progress in the buy. I'm shorting the 30 strike calls, Jan 20 2017 expiry here, we might have hit a wall for a while.Note
Note
We broke above the earnings level, if we see a daily high above it, on close, we can get rid of the short call and hold longs for more upside!Note
(and yes, double the position and place a stop at 27.67)Trade closed manually
I sold at 28.96 for now.
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