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Can Pembina Pipeline (PBR) Hold This Key Support Level? | The Mesh Report

Can Pembina Pipeline (PBR) Hold This Key Support Level?

Christian Tharp, CMT June 16, 2022 Comments Off on Can Pembina Pipeline (PBR) Hold This Key Support Level?

Pembina Pipeline Corp. engages in the provision of transportation and midstream services. It operates through the following segments: Pipelines, Facilities, Marketing and New Ventures, and Corporate. 

Take a look at the 1-year chart of Pembina (NYSE: PBR) below with added notations…

Chart of PBR provided by TradingView

PBR has formed an important area of support at around $37 level (yellow). The stock has rallied off that mark once again and could be making a run back into the 40’s. However, if the $37 support were to break instead, lower prices will likely follow for PBR.

The Tale of the Tape: PBR has a key support area around $37. A trader could enter a long position at or around the mark with a stop placed under it. If the stock were to break below the support, a short position could be entered instead.

Before making any trading decision, decide which side of the trade you believe gives you the highest probability of success. Do you prefer the short side of the market, long side, or do you want to be in the market at all? If you haven’t thought about it, review the overall indices themselves. For example, take a look at the S&P 500. Is it trending higher or lower? Has it recently broken through a key resistance or support level? Making these decisions ahead of time will help you decide which side of the trade you believe gives you the best opportunities.

No matter what your strategy or when you decide to enter, always remember to use protective stops and you’ll be around for the next trade.  Capital preservation is always key!

Good luck!

Christian Tharp, CMT 

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