I have just placed a limit buy order for Petrofac [PFC] at 395p, with a stop at 365p and a profit target of 440p. I know the risk/reward ratios are not the best, crude prices have been falling ad these are so interdependent of the price of oil it's untrue..... but to me, the chart looks good, there is a lot of upside and I put its performance in the market today down to a hangover Monday after such great rallies last week and some traders taking profits. Petrofac have just signed an enormous 2 billion contract, have good fundamentals and will have increased prices with the increasing price of crude (which will inevitably happen, although not in a stable manner)
Take a look at the chart, keep an eye on it's movement tomorrow and or the rest of the week and let me know yor thoughts / comments / questions. I have sworn blind to myself that I will cut this one if it ges Pete Tong.
Let's see if the order is filled!
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