Monday, May 9, 2011

PCLN

Take a look at this post on PCLN from Friday the important part was this,

" Here's PCLN breaking that support level on heavy volume, but don't take a victory lap just quite yet. This is a perfect place, being a bunch of traders have been shaken out, for PCLN to stage a "Hope Rally". Note that the break is there, but it's not a decisive break, just enough to hit a ton of stops."


 Here's PCLN's daily, just taking out the support level on Friday, enough to trigger stops and allow some accumulation on those triggered stops.

 Note the late day accumulation on the 10 min chart, it's also where the stops were triggered.

 Here's the 5 min chart of Friday and today thus far, same conclusion as above.

And the 1 min chart, so it looks like it's not a particularly strong move as far as underlying indications, whether it's enough price wise to convince bulls to buy back in (which would be the point before shaking them out again), I'm not sure.  We'll have to continue to watch developments, but so far, it's playing out as expected on Friday and has a lot in common with the SPY chart just mentioned in the last post.

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