Continuing FallWe started the decline yesterday. With the opening today we took out the bottom that seemed to be built at the end of the day.
PCG trade ideas
$PCG The fire might be out in PG&EThe California energy company has been the center of attention for all the wrong reasons for months and the price drop reflects that.On the 03/04/19 named a new CEo and 10 new board members, these sweeping changes found the support of investors as the price gained 5% on the news, expect future gains.
Pacific Gassing the GaPMarkets are on general path down. PCG is setting up nicely to continue its run up in the short term with minor resistance at $20 and strongly at $24.00.
Things are not totally in the clear for PCG as there is lots of headwinds fundamentally (bankruptcy, liable, costs to prevent infrastructure mishaps expected to increase...etc..). This is not the first time PCG ran for BK, so experience is on their side and the uncertainty of how things will go can present some very nice short term swing trades in both directions (options). Keep a close eye on the momentum direction and play the trend.
PRICE ACTION:
Long Term S/R Level at 14.50 and 17.00 (set back in 1988) along with bouncing out of the sub-10 levels set back in 2001 and again 2003, when a nice "W" appeared and $24.00 was touched. (sorry you need to zoom out to see this). These levels are identified with S/R lines @ 14.50(S), 16.92(S) and 23.96(R). Technically, the uptrend from the start of the year to present was pretty consistent with the overall market, however unlike the general market, the UP trendline set in January has not broken and still has room to move sideways. Additionally, the Down trendline established from Nov-18 to Jan-2019 was broken, and with confidence. Likewise the 1988 Support at 16.92 held wonderfully and trading resumed higher along the January 2019 trend line.
If 19.00 is broken and the PCG can stay away from negative news, then a march to 20 could be very realistic. For the short term, I like the swing trade between 19.00 and 20.00. Ill take $1.00 all day. Should the 20.00 break then look to hold into $24.00. For me the GAP Down on January 7, 2019 is a level to watch closely.
EXPECTED ENTRY/EXIT: 20.00/24.00
TIME FRAME: 6 months
TYPE of TRADE: Short Term Swings (19-20) and hold to 24.00 if the 20 breaks.
PCG PACIFIC GAS & ELECTRICITY CO.Bullish divergence on Weekly, use retracements to take entry in this trade.
Entry ±9-12$
TP1 13$
TP2 16$
TP3 19$
TP4 22$
PCG down again?This is hard to say if this is the case or not but PCG is looking mighty tasty for another price implosion.
They have pushed their earnings not once, not twice, not three times but five times. They were supposed to happen on the 8th, it was rumored that they were going to happen on the 12th 15th 22nd and now the 28th. The longer they push them out the less likely they are painting a pretty picture...
Now we have Gavin Newsome stepping in to create his version of trumps plunge protection team; but he calls it a strike team to save PCG and to keep other utilities in the state from being held liable. Sounds like a bailout to me. It will be interesting to see what happens next.
PCG current situation Wait for it to re-test the new support level and look for 17's, if it goes by it and, again, re-tests it, we should be looking at 40's.
Good luck!
$PCG Could This Be A Possible Outcome?The only question would be how long could this stay up for before it tumbles on the criminal case.
Bearish chart-Hit long term resistance at 14.51 today and was rejected
-Hit long term resistance at 14.11 and was rejected
-Hit long term resistance at 14.03 around market close and seems to have been rejected again
-After hours saw higher lows but kept hitting resistance at 14.00.
Currently Price sits at 14.07
Due to current bankruptcy filing pending approval it would seem that this would be the ideal time for major players to make their exit. It is my belief that recent increase in share price has been in preparation via manipulation by major players to pull out before or at news regarding bankruptcy status.Now no longer in the S&P500 having been booted PG&E fully intends on pursuing chapter 11 Bankruptcy. In light of mounting debts caused by recent disasters in which PG&E has been found liable an argument can be made that the company is solvent (meaning their debts do not eclipse their income) but as of right now the total debts can only be estimated and may wind up being far more than the company is capable of handling without filing for bankruptcy.
If bankruptcy is approved i expect that the stock price will rapidly decline or existing shares will be wiped out completely.
if bankruptcy is not approved i expect to see this spike before diving downwards.
71.385 billion in total assets
51.68 billion in existing debt
Estimates of +30 billion from California wildfire liabilities.
19.444 billion in tangible assets which include 12.833 Billion in common shares
Unless liabillities for California wildfire are less than estimates in the ball park of under 20 billion i don't see much upside for bullish share holders
PCG = REKTA perfect "Buy When There's Blood In The Streets" opportunity? I mean what's going to happen. Residential, commercial, industrial, and agricultural customers in Northern and Central California will no longer be using electricity and natural gas?
PCG (Pacific Gas & Electric) HA! HA! The Djinn Predictive Indicator used to predict this GARBAGE was used with the permission of the Indicator owner.
How many times can this company file for Bankruptcy?
Electric & Gas companies don't go out of business! Target $39.18Go big or go home. Ever heard of an electric company turning off everyone's power and going out of business? Yeah me either. High risk, high reward trade!
PCG: Wait 4 SIDEWAYS MOVEMENT b4 trying 2 Catch A Falling Knife!PCG: Wait 4 SIDEWAYS MOVEMENT b4 trying 2 Catch A Falling Knife!
PACIFIC GAS & ELECTRIC CO. (PCG): Buying After A Bloodbath?Find Winning Trades In Seconds >> efcindicator.com (Special Discount)
After a bloodbath, we are in the same levels of 2001-2003 (+15 years ago!!!). The major ABC correction it's likely reaching the end of wave C.
My stunt guy says PG&E ain't lookin so goodOn the daily chart we can see that Mr. Stuntman is about to bump his head on the $19 level, and with his luck is likely to keep tumbling down.
Sorry Mr. Stuntman
Trouble in PCG Continues. Short PCG here at resistancePG&E is under massive headline pressure these days after being blamed for the recent California wildfires. The stock went down 60% recently and has rallied 50% off of its low of $17.26.
On Friday after the close, new headlines came out suggesting that PCG falsified gas pipeline safety records for years. Bankruptcy is definitely in the cards. When stocks become super weak and then bounce, they frequently 'bump their heads' into their 13-day EMAs. That's exactly where PCG sits right now.
There is a potential for a gap down on Monday given the news so be careful with this one, but the first line of support for PCG is not until $22.70, but it obviously can and likely will go lower.
Short PCG between $25-26.
Target 1: $22.70
Target 2: $18
Stop: $27.40
