Yesterdays sell off was a combination of profit takers and panic...

Yesterdays sell off was a combination of profit takers and panic sellers due to the further than expected decline in retails sales and the struggle to break through the $1.20 resistance. However, the buyers had complete control clawing back from $1.13 to $1.22.

My technical analysis is rather unorthodox and quite limited. However, from a technical perspective, yesterdays finish was a very bullish sign of what’s to come. If you look at the candle stick chart you can see a nice “dragonfly doji” formation.
Dragonfly doji explained:
Pattern is strongest after an established bearish trend

• A candle forms with a very small to almost nonexistent body with a long lower wick
• The lower wick is at least twice as long as the candlestick body
• Little or no upper wick


In a bearish trending market the dragonfly illustrates an unsustainable sell-off, where price drives up to new lows, but buyers take control of the trend by market close.

Although this formation is usually associated with previous downwards trend activity you can see from the chart posted below that this has been proven on several cases in the past with PBG

JMHO...and another perspective and alternative to the always important fundamentals.

Good luck to all holders!