Hi Reid,
PBI made a nice move today, but I think I would be hesitant about taking a long position in PBI at this time.
After a few false starts, PBI successfully broke above long-term chart resistance at about $43 a few months back. But now, it has been turned back from a 5-year high and the upper BB rail:
139.142.147.218
Of course, on the daily chart, PBI has pierced the upper BB rail, only to trade down right to it:
139.142.147.218
But now, PBI has had a pretty good run from the bottom of the BBs in less than a week, and Williams has hooked downwards as you can see. There is a gap below that was filled on an intraday basis, but my guess is we'll see that gap fill in some more before PBI makes another run at the 52-week high.
So personally, I would shy away, but PBI will make another run at overhead. If PBI moves back into the BBs and that downside gap as I suspect, then a potential pivot point would be the area of support just above $45, near the middle of the BBs. That's where I would look for an entry.
T |
