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Thursday, May 19, 2011


PETM was a pre earnings breakout that failed, which tells me that the resistance it broke through was not the ultimate resistance point.  If the two bottom pivot pints i have are correct (and there is a good possibility they are not), then I woupd estimate the next level of resistance will be just above 46, which is not very far from today's high. If it follows through on today's volume, which it probably won't, then it should break out of this range and start establishing a new one. At this point I consider than a low probability event.

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