Shares of P look ready to pull back, having broke the upward trend line from the gap higher on the last report.
The open gap aligns closely with the 200 day moving average at just south of $6.
Shorting this thing via July $7.5 puts.
Shares were yet again unable to break above falling trend resistance, and have subsequently established a lower and high lower low. This setup remains viable, as there is still an open gap at the $5.75 -> $6.40 area.
I still remain bearish and expect a test of the 200-day (@$5.96), which I believe will likely overshoot to fill the gap.
Short any strength. The pattern is invalidated if shares rise above the falling trend resistance and can maintain it.