Elsewhere on this page, I have raised the possibility of DaBoyz hauling this stock and Google back down below $1000, so that they can start pumping them full of hot air again. From a technical standpoint, the $200 selloff we’ve seen so far in PCLN would appear to have further to go, since yesterday’s dive exceeded a clear Hidden Pivot support at 1205 (see inset). My guess is that this will increase the magnetic pull of February’s key low at $1104, making a test of support there more likely, if not necessarily inevitable. If so, traders will have opportunities to position from either side, bullish or bearish, all the way down. Two places where you might look for a tradable bounce in the days ahead: 1183.15 and 1126.29. Both are Hidden Pivot support taken from the 15-minute chart, where a=1316.99 (3/21) and b=1203.28 on 3/25). ________ UPDATE (March 27, 8:22 p.m. EDT): With the stock on its way to an 1156.41 low yesterday, the Hidden Pivot at 1183.15 evinced no bounce whatsoever. That will shorten the odds of more downside to the next important target beneath it, 1126.29. Cautious bottom-fishing there is warranted, although you could get more aggressive if you’ve been short for at least part of the ride lower. Bulls would show some life if they can pop the stock above 1210.80 by Monday. _______ UPDATE (11:38 p.m.): DaBoyz did in fact pop the stock — all the way to 1214.63. Although I remain skeptical that there is any real buying power behind the move, we’ll need to respect it nonetheless because PCLN had become so heavily oversold. If you’re keen to speculate on more upside, I’d use abc patterns on the 5-minute chart for leverage. _______ UPDATE (April 1, 10:30 p.m.): One needn’t have zoomed any lower than the 15-minute chart to find camouflage enough to trade this lunatic stock yesterday. It now looks to be headed for 1286.11, assuming the 1259.64 midpoint is easily dispatched.
