Petro-Canada (NYSE:PCZ)

Q: I am considering trading markets. Where do you see PCZ heading?

Thanks

A: We called a Downtrend on PCZ on 6/17 at $39, just before it broke support at the 50-day moving average.  It bounced a few days later but has since resumed the downtrend consistent with our call.  I see some potential support at the $30-31 level and then there is the 200-day moving average just below that.