A possible ruler breakout is possible in the near term for PBFX. It could be tighter, but not too bad. A break above $15 with volume could lead to a continued move higher. There is trade-able void above with no near term resistance. Further, the RSI-14 is not prohibitive, and the Mansfield Relative Strength Indicator is positive. Additional strengths supporting the trade are 1) increasing long term and short term moving averages. 2) early Stage II uptrend. 3) Uptrending price of oil underlying the industry. Possible concerns include earnings scheduled to be released on April 28 which could induce short term volatility. A price target of $20 is plausible.
Full disclosure - I am long in PBFX as an investor for some time, but will not be making any short term changes in my position... except for the unusual chance it totally tanks.
Full disclosure - I am long in PBFX as an investor for some time, but will not be making any short term changes in my position... except for the unusual chance it totally tanks.