Plastic2Oil Inc (PTOI)

[Imperial Whazoo]

Yeah, I took profits and am sitting there watching today & yesterday. The 7/21 channel guided me and, when it failed to hold the break back into it last week, I saw it as a headfake that I happened to trade correctly, based on my basic read of the momo of the stock.

Then today, it firmly rejected the low of the intermediate high volume day of 8/5 almost to the tee. That, and the rejection of the 382 struck me. Right on it. Pretty devious.

So I put my thinking cap on and asked the question of whether the candle meant anything.

I am not certain, mind you, but I think its a strong case to be made that the momo is still in play and the 2.39 is going to get a retest and that makes today's candle a hammer rather than a hanging man.

As a textbook hanging man, its not at the actual top, I might point out. So that alone makes asking the question valid.

So I decided we are staging for a second stab at the 2.39.

Whether that comes before we see 1.78 or not, we'll see. Based on the strong greens last week, I lean towards another stab at the 7/21 channel lows first.

Just my take.

Peace.

Imperial Whazoo