Sunday, December 03, 2006

PFE Analysis 12.03.2006

Inverted head and shoulders pattern with forceful break of the neckline. Profit taking and retracement to successfully test the neckline. November tested the prior back end support and LIS at $35.25 area. A nice hammer or bullish harami showed that more buyers stepped into the stock last month.

Last week saw a successful test of support at the $26.75 LIS.

J hook pattern formed with retracement as buyers took profits with the nice run up from the $25.00 low. Look for test of high and higher.

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