. . . I think PMO.L is a great example of stage analysis and some people might argue that the Stage 2 breakout has already occurred back in January when it broke above the 3 month range and 384.10 high that formed between October and December. However, the range formed below the 30 week simple MA, so is not a valid Stage 1 imo, as the price needs to form a high above the 30 week MA. . . . breakout into Stage 2 imo if it can close the week above 446.90
Nevertheless, the actual breakout in the second week of Jan 2012 did occur above a rising 30wk wma. Page 118 refers.
Premier Oil does look strong, though is inevitably vulnerable to a pause in the crude price rise.
PMO.L - SharpCharts Workbench - StockCharts.com