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Purely on technical reasons: Target price $64.98
This is based on a Sell signal of a Jeanty Sell pattern. See http://www.wikinvest.com/image/LUV_SELL.jpg for a description of the pattern.
Here is the current pattern for PPG:
Having looked at the definition of a Jeanty Sell Pattern, you should be able to see the 4 components of a Jeanty Sell Signal and figure out the target price of $64.98. Based on a closing price on 9/19/08 of $66.97 this would be a ptential gain of $1.99 or 3.06% if you had shorted the stock at $66.97
Well, as I was doing some work I stumbled on this prediction (yes, I had forgotten about it) and saw what happened on the next bar (The signal was on a Friday, the prediction came true on a Monday, for the gain of $1.99 or 3.06% over the weekend).
Here is what the chart looked like on the next bar:
Now, another tidbit. After we hit our target, the stock went into a freefall and hit a low of $43.63. This means that one could have made a lot more than just the $1.99. In fact, one could have made about $30.00!!! However, these patterns do not predict this kind of winfall. They provide specific targets which very often represent a turnaround point. However, there are indeed times when the stock keeps going in the same direction. But even in those cases, though the pattern would have you exit well before the BIG gains, you probably would have found other beautiful patterns to plow your profits into.
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