Panama Petrochem - ATH Closing & Breakout
Panama Petro closed the week at an all time high. The stock has broken above the long term resistance trendline (check the namesake on the chart) and managed to close above it for the first time on a weekly basis. Stock looks good for significant short to medium term gains and can be considered for positional trade/investment.
Since the stock is at an ATH, we use Fibonacci projection to come up with mid to long term targets of 410 (1.618) and 647 (2.618)
Buy at CMP and on declines to 320
Stop Loss: 320 (strictly WCB)
TGT: 410, 647.
PS: Stock is fairly volatile and hence must be held with a weekly closing stop loss only.
Since the stock is at an ATH, we use Fibonacci projection to come up with mid to long term targets of 410 (1.618) and 647 (2.618)
Buy at CMP and on declines to 320
Stop Loss: 320 (strictly WCB)
TGT: 410, 647.
PS: Stock is fairly volatile and hence must be held with a weekly closing stop loss only.
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