Post by
URnotU on Jul 19, 2010 3:36pm
Technical analysis
PMG rebounding in July since bouncing off July 12th's 200 DMA (23.77). The 20 dma (25.41) remains below the 50 dma, with both moving lower but share price today making a move above the 50 dma (26.02). This narrow 50/20 band could switch back to normal 20/50/200 by end of month if current trend continues.
Back in May, there looked to be a double-bottom with a reverse-head & shoulder's pattern forming but did not quite make it. Since there are no triple bottoms, we can ignore the 1st attempt (hey, it's more of an art than science :), and say the recent re-test of the 24.00's and subsequent bounce off the 200 dma is a clearer upward signal than last. We need to see it break above 28.00 and make a strong attempt back to 29's for this latest reversal to stick.