Showing posts with label #PCLN. Show all posts
Showing posts with label #PCLN. Show all posts

Thursday, June 30, 2016

#PCLN Bias & Levels Update for Thursday June 30, 2016 by @mocktrade

#PCLN Bias & Levels Update for Thursday June 30, 2016 by @mocktradeSocialTwist Tell-a-Friend

Originally and before both the June FOMC rate decision and Brexit I was holding a bullish bias for PLCN and I was in hope for a exit out of the Call side of a Strangle from/if a follow through move (with legs) above the 1385s resistance. PCLN did breach above 1385 on Thursday the day before Brexit but unfortunately the move occurred on very low volume and was also very short-lived, which then forced me to hold through the Brexit vote.

Then on Monday (June 27th) PCLN had continual bearish follow through from Friday so I started to look at potential supports to exit out of the Put side for a profitable Strangle rather than the Call side. The first key support I saw was at the bottom of a low volume area (LVA) at 1161s/60s.

Thankfully the 1161s/60s target was reached which allowed me to exit the Strangle with a decent (not huge) profit after an almost full 250 point reversal.

Now I am taking note to the fact that although PCLN is currently trading a little more than 100 points above Monday’s low PCLN in not in the same type rally mode as the overall market, and is also losing energy at about the middle of a 100 point range between 1303 & 1203. This has me eyeing another (new) Strangle entry if PCLN now trades sideways for the rest of the week between 1285 & 1240. If so I plan to engage today/tomorrow with a September or October expiration.

Once/if engaged in the new Strangle I will then be looking for either a move above 1303s once/if first breaching above 1291 or a move below 1203s once/if first below 1228s.

Ethan Premock Futures & Options Strategist at Hamzei Analytics, LLC 

Wednesday, June 15, 2016

#PCLN Bias & Levels Update for Wednsday June 15, 2016 by @mocktrade

#PCLN Bias & Levels Update for Wednsday June 15, 2016 by @mocktradeSocialTwist Tell-a-Friend

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 

Wednesday, June 8, 2016

#PCLN Thoughts & Levels for June 8, 2016 by @MockTrade

#PCLN Thoughts & Levels for June 8, 2016 by @MockTradeSocialTwist Tell-a-Friend

Currently I am holding a PCLN Strangle with an August expiration which was engaged when PCLN was balanced and consolidating between 1250 & 1302. Once PCLN breached above 1302 my bias turned from neutral to bullish; however in order for the Call side of the August expiration Strangle to push deep into profit PCLN now needs to breach and hold above 1374s/75s.

PCLN is now 20 points-ish below yesterday’s (Tuesday June 7th) high of day (HOD) and is also currently trading below yesterday’s value area (VA) as well while below 1358s. Trading below value is not a good sign for a Long bias but until first below 1340 with 1325s-1320s zone as line in sand (LIS) I will assume the pull-back from yesterday’s HOD is just some profit taking following the +137 point upside move from the 1236s area back in mid/late May.

If PCLN was still holding within the previous balance area between 1250 & 1302 ahead of the June rate decision it would not matter to me which way PCLN traded post rate decision in regards to the current August Strangle, but now that PCLN is well above the previous balance area/+1302 it is definitely more ideal for PCLN to get above 1375s before FOMC rate decision next week. If so I will then have sights on 1393s-1402s zone then 1422s-1425s zone to consider scaling and/or exiting the entire August expiration PCLN Strangle.

Ethan Premock
Futures & Options Strategist

Hamzei Anlytics, LLC 

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