Technical Analysis of Financial Markets

Monday, June 05, 2006

Peregrine Pharmaceuticals, Inc (PPHM) - Bullish Symmetrical Triangle Breakout

PPHM has broken out to the upside of a Symmetrical Triangle formation. The pattern forms on declining volume and a breakout is confirmed with a surge in volume. Additionally, the OBV has confirmed the breakout with smart money flowing in. RSI is approaching the overbought region so a pullback may be due at which point may represent a good re-entry point - watch Fibonacci levels for possible support; 38.2% retracement is a 6% pullback at $1.71 approx.

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