Daily Chart Analysis - If you look at recent activity in on the daily price chart for PIP there are several clues that this stock is showing weakness on attempts to rally. The first close above the 200 day MA failed sending the price all the way back to the establish trendline to find support. A subsequent half-hearted attempt to rally off of trendline support failed miserably not even reaching the 200 day MA. Subsequently, the Uptrend Line was broken sending the price much lower to $1.20. Then in the face of Oversold conditions, a subsequent rally attempt on Friday failed to close above the 200 day MA and the huge volume spike appears not at support but at a price spike candle with a large top shadow which shows strong resistance at the 200 day MA. Therefore, in my opinion, there will not likely be a follow through rally on Monday and the price will not likely close above the 200 day MA. If I'm right about that, then the price will eventually fall to new lows below $1.20. Of course anything can happen and the markets are dynamic but, the current existing signs on the daily price chart at this time do appear to be in favor of the Bears. http://stockcharts.com/h-sc/ui?s=PIP&p=D&yr=0&mn=6&dy=0&id=p50378952056&a=257477249&listNum=1
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