On Monday we mentioned that PHLY looked like it could experience a pullback toward the ascending trendline, which as you can see from the chart below, did occur because of Wednesday and Thursday's declines. It will be interesting to see if tomorrows earnings announcement will be able to keep the medium-term trendline intact - a feat that doesn't seem impossible. However, most traders will want to remain cautions because the recent bearish MACD crossover still suggests that we could see some further downward momentum.


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