HG,
Although PWAV is still trading above the 200 min ema on the intraday as of the close, the rally late off the moving averages was rather lackluster and not very convincing to me. PWAV did not close strongly, leaving a bearish candle on the day; note the shadow on top of the real body, at the declining 10 day ema:
askresearch.com
Technicals are weakening now (OBV, Williams, PROC, and MFI). PWAV has clearly lost much of the momentum which began with a reversal candle Tuesday and followed through strongly with on Wednesday. However, today's session was low volume, suggesting that the bulls were not participating much. It is possible they will show up in force tomorrow, but more likely PWAV will trade lower from here. The market in general today seemed directionless and unconvinced.
If I had an entry at 36 5/8, I'd probably place a stop just under today's low, which would be 36 3/8, or nearly the break even point.
JMVHO.......YMMV
WS |
