back on a downtrend, page-3

There has been a lot of accumulation buying in PPX since the start of the year. The company has been neglected by the market for years and is quite expensive on a P/E basis at current prices, but they have promised better things for 2009. It appears that fund managers are starting to accumulate a stake in PPX.

The downtrend has bounced off the 61.8% fib level at $2.37 twice now and looks like it may break up through the $2.60 downtrend line soon and back up to $2.95 again.