MichaelGLamothe

PAM setting up on daily/weekly time frames

NYSE:PAM   PAMPA ENERGIA S.A. SPON ADS EA REPR 25 ORD SHS
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It's always optimal when whatever it is that we're interested in trading to be setting up on multiple time frames. Here, PAM is setting in in a 4wks tight pattern on the weekly chart, and in an ascending triangle on the daily chart .

A quick look at the volume bars shows us that PAM is presently being accumulated. This is further confirmed when we dig deeper and see that fund ownership has been steadily increasing over the past several months.

The RS line is hitting new highs ahead of price on both the daily and the weekly charts. Another positive across time frames.

On the weekly chart, we see both the 10wk line as well as the 40wk line beginning to curve higher. This is an indication of the uptrend accelerating.

Finally, the daily chart gives us some pretty clear levels to play against. There is resistance right around 32.65 and that's where I have my pivot point . I'm seeing 31.31 as the nearest support level with the 21ema close behind. For ascending triangles, the target is approximately the depth of the base. With that being approximately 2.50, that brings us to a target of roughly $35. If the target is hit, I'd look to lock in some profits while letting the rest run.
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