My take is that they charged high on not much and were overbought by Tuesday. For short-termers this was an opportunity to get out, and also for those accumulating to give the tree a good shake. So here we are.
The pool of shares is demising for the short-termers and the accumulators. Barring any major miss-steps the upward trend will likely continue.
From a technical perspective the RSI has dropped from a whopping 96 to well below 50 (may, in fact, be around 30 by some diviners). Approaching oversold.
What this means for Monday is anyone's guess, but looking at the three month horizon I believe they will be higher than where we are now. I'll be buying more if they dip to Friday's lows.
PME Price at posting:
$3.16 Sentiment: Buy Disclosure: Held
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