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PHG – Koninklijke Philips Electronics – Shares of the manufacturer of medical systems, consumer electronics, lighting products and semiconductors are challenging key resistance at $20.75 after a powerful up thrust from the $17.50 double bottom. From the July 07 peak at $45.75 prices weakened sharply reaching $35.75 where a Low Pole pattern developed. The movement pulled back to test the previous peak but failed to break through $45.40 evolving into a pattern of lower highs and returning to $35.00 where a narrow sideways movement started. On June 08 the penetration of the main bullish support line at $37.75 changed the overall outlook from bullish to bearish. The first leg of contraction found support at $30.75 where a corrective up move developed pulling back to $36.00 before bouncing off the main bearish resistance line. The downtrend resumed into a pattern of lower highs and lower lows until the final sell off reached $14.75 on November 08. A sideways movement with resistance at $20.75 and base at $14.00 started. On April 09 the penetration of the main bullish support line at $17.00 confirmed by the double top breakout at $17.25 switched the trend to bullish. Prices are still moving sideways and have now reached again key resistance at $20.75 opening for a possible breakthrough. Relative Strength vs the market has turned positive implying an outperformance in the long run. The weight of the evidence is tilting on the buying side although a penetration of the $20.75 resistance is necessary before going long. Hold on until penetration of resistance which will realize at breakout of the multiple top pattern at $21.00. Short term target is set at $22.50 while the medium term objective is at $27.25. On the downside close all longs at penetration of the main bullish support line now crossing at $17.75 with possible contraction down to $15.75.
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