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Pharma Breaking Out


Pharma Breaking Out
By Mike Paulenoff, www.MPTrader.com

After 8 days of high-level consolidation at the high of its recent upleg off the August low at 73.09, the Pharmaceutical HLDRs (AMEX: PPH) appears to be breaking out to new highs and starting a new upleg. Today's close is very important. If the majority of the breakout upmove is preserved, then I expect the PPH to climb towards 81.50/80, and then to the 82.20 area. Let's notice that today's strength represents a thrust off of the rising 200 DMA, which usually triggers very powerful upmoves. At this juncture, only a decline that breaks below 79.80 will wreck today's constructive action.

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