PET Chart, page-168

Hi Christopher

We can't rule out the possibility that the share price will drift lower especially if there is no news. The thing about charting is that we can only work with what is on the chart. We can say for sure is that the share price has drifted down and is testing support at 78/78.5 the top of the formation. Whether support holds on not remains to be seen.

Below is a daily candlestick version of the above chart (nine months rather than eighteen) and yesterday was an inside day signalling a bit more downside as the candle closed in the bottom half of the previous day's range i.e sellers are for the moment in control.

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The thin yellow line is the long term uptrend and if that is breached we have support at 69 then nothing 'til the mid 40s. I won't be surprised if long term support is tested in the mid 70s, i would be somewhat surprised if the price drops to its recent low of 66.5 giving us a double bottom but I would be very completely surprised if the share price drifts lower than that.