PMC recently revised its 2016 forecast downward - sending its share price tumbling. From there the stock has been trending more or less sideways (there its little data since the drop to form a between 22 and 23 with volume declining. This suggests a major move north or south is called for - which we got just recently. Volume has picked up slightly on that move (finally breaking through its moving average again), if additional bars show added volume momentum the breakout could be for real.
This break is facing major resistance that PMC has failed to breach at 23.00, with support at 22.00. Should the stock break 23.00 in a sustained manner (currently it trades at 23.20), its next significant resistance level is at about 25.7.
However, because of the lowered forecast for 2016 and ongoing uncertainty in the market, any move near or above 24 would be a candidate for a conservative but profitable exit out of any positions picked up since the drop.
This break is facing major resistance that PMC has failed to breach at 23.00, with support at 22.00. Should the stock break 23.00 in a sustained manner (currently it trades at 23.20), its next significant resistance level is at about 25.7.
However, because of the lowered forecast for 2016 and ongoing uncertainty in the market, any move near or above 24 would be a candidate for a conservative but profitable exit out of any positions picked up since the drop.