PREB : Looking as if it has temporarily run out of steam
July 28, 2011 Leave a comment
It’s still possible PREB turns around and takes out the strong resistance around 4, but it looks increasingly tired, and we would not be surprised to see it pull back to 3.50 or so. A rebound and weekly close at 3.80 or better would give some hope of a retest of 4 or so, but until that occurs the short term worry is it will come down a tad further.
Much stronger support is seen back at 3.2 or so.