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Wednesday, December 29, 2010

Technicals... PBR

The last few post on PBR I indicated I do not want to sell until 38, but for a fair analysis, 38 is not the first level of resistance. We are currently near the first true test for PBR.

The daily shows PBR is smack at the 200SMA, and the weekly indicates the next SMA resistance is at 36.97.

Due to the magnitude of 'overbought', and the potential resistance present, if anyone needed to sell PBR for portfolio reasons or conservative trading practices, now would be the time to do it.

I indicated I would wait to around 38 (which is the test of the 200SMA on the weekly), so I will wait.

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