Sunday, January 06, 2008

PIR Analysis for 01.06.2008


Monthly chart shows price to be in trending downwards, and is currently below all key moving averages. CCI momentum indicator shows regular divergence developing. No buy signal/pattern evident currently on this timeframe to buy this stock at this time.

Weekly chart shows early buying activity the 3rd week of December 2007, but buyers were quickly met with resistance and selling as it hit the prior key s/r and LIS at $5.64 area.

Daily chart shows sellers quickly overcame the buyers, as they brought the price down to close below the prior huge gap up. Sellers soon found some initial buying off the .618 fib retracement level. Will this hold for the buyers, or will the sellers break this support and take price down even lower? Watch next week to see which side will win. IF the low holds, THEN we can still see a bigger move up. But IF the current $6.00 high proves to be resistance that holds, THEN there is higher probability that the $3.26 low will break.

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