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  • gotta_do_better_then_that gotta_do_better_then_that Nov 2, 2006 3:19 PM Flag

    PNRA Retraces 38%, Shorts Are Talking Trash

    The 15 EMA, the 200 EMA and now today the 50 EMA broke through to the downside. Confirming the downtrend is in place. Looks like it will easily put in another leg of the retracement.

    This stock is currently in orderly distribution, which might turn ugly any day now.

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    • Gotta_do_better, I see the same thing.

      The retracement underway of the 46.85/68.70 leg has normal retracement value targets, using 38%,50% and 62%, of 50.40, 57.78, and 55.16. If 55.16 gets taken out, than 46.85 will be tested.

      Now take a look at the larger cycle leg of 67.50/46.85. The high of 67.50 was recently taken out at 68.70. This says that a higher high has taken place and if this retracement stops short of 46.85, a higher low will spell out uptrend started on the larger cycle. Given this recent higher high in the larger cycle and the time of the year, I expect only a normal retracement now taking place. For these reasons I'm not shorting this retracement, just watching for the turnup.

      The best of trades to you.

217.05+1.15(+0.53%)3:10 PMEDT