#PCLN Bias & Levels Update for Wednsday June 15, 2016 by @mocktrade
For PCLN I was originally in hope for a follow through move above 1371 to occur before FOMC rate decision in order to start scaling out of the Call side of a current Strangle, which was engaged when PCLN was consolidating between 1302 and 1250.
Obviously my original plan was negated once PCLN breached below weekly value support at 1335s and especially once PCLN breached back below 1325. Now it’s back to waiting on the rate
decision reaction before expecting any type of move with legs and energy.
In the coming days or weeks I will be looking for a PCLN move either
above 1385 or below 1228 otherwise I will have to scratch
the current Strangle and exchange it for a longer expiration.
For a bullish bias I would like to see PCLN hold above 1275s-1270s
zone after FOMC rate decision and then start making its way back above 1325, and then once/if above 1342s buyers should remain in control for
a move to at/near and above 1385.
If PCLN fails to
hold above 1270 odds will definitely
be in favor for a move to 1253s-1250s
zone before 1230s-1228s zone.
Once/if below 1228s PCLN will then
have potential for a breach below 1200.
Ethan Premock
Futures & Options Strategist
Hamzei Anlytics, LLC
Futures & Options Strategist
Hamzei Anlytics, LLC
