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Thursday, January 10, 2008

PEP: Falling Wedge

PEP seems to be consolidating outside the falling wedge pattern. For the past few days, it has been trading within 1.26 and 1.36. I wonder if this stock move pass the 1.36, will this issue reach its target price @ 1.52 (by getting the previous high when the falling wedge was formed)? or 1.50 (by measuring the range height of 1.26 and 1.36)?

Looking at this chart at a close range, I'm seeing a small flag. Measuring the base of the height, I get the 1.52 price target. More the volume is also diminishing!

Falling Wedge Pattern
PEP Chart as of January 10, 2008