PWE is gaining momentum as it shows positive relative strength verses today’s weak DOW.
An “optimist” bull may even mention a trend line breakout starting 12/18/12 to 1/22/13 and beyond. I call it optimistic because TLs with TWO touches and compressed time (the two points are only about one month apart) are generally the weakest and least reliable. However, it is the summation of all indications (too many to enumerate) that one has to consider.
There are many miles to go before PWE becomes a winner from here, so I am not holding my breath! But I also have accepted the axiom that “A journey of a thousand miles begins with a single step.”
Patience is what I need the most after finding winners and patience has never been my strength, in anything.
I'd like to see PWE break through 10.84 otherwise we are still in a declining chart pattern with lower lows and lower highs. I'm long with Feb covered calls, but I'm not so sure that we have seen the lows yet. I'm thinking that the only other bad news that could drive this stock lower is a Div cut, but at some point the value of the assets should support the price. Big question is what is that price. Price action has been positive this week especially with SU earning out. Could just be the shorts cashing in their gains.
eye4value, we agree 100% about the HHs and LLs requirement.
My question is, why 10.84? Does it come from close of 1/22/13?
If so, what about 10.89 high of the same day? Should that not have to been taken out for PWE to make a higher high?
I hope you and others on the board will discuss.
I agree. I am long with a position avg in the 10.60's thinking about taking the little profit in the next two days. I think we test high 8's on the market pullback coming in the next 2 months; I will buyback. There has been no clear cut capitulation, similar to aapl, and they both are likely headed lower in the next couple months.