PLE : Long term chart still a horror story, but a trend change is coming.
August 2, 2011 Leave a comment
PLE on the quarterly chart is a sad picture, but at least there is some hope – that after so many years of pain for those holding that a move north may not be too long in coming.
In the near term we suspect a spike to 2.30-2.40, if not a tad higher is likely, with a weekly close or two on better volume above 2.24 likely to entice a market maker to ramp it in style – because there is little price resistance from the APril 2011 high at 2.46 until 3.00-3.20. And now much from 3.20 until close to 4.
We will consider taking a punt from 1.80 or so if it dips a tad, and again when the breakout eventually comes and we are impressed by the strong volume.