PEIX completed its 38.2% Fibonacci retracement from the high of $44, and continues to climb over the last few days.
What is a Fibonacci Retracement? - Click
Keep in mind, as oil moves higher so will PEIX and the need for more alternative fuels. Also, June 2nd should give PEIX a shot in the arm after Bush meets with the automakers and big oil to encourage everyone to use more ethanol.
Once PEIX hits $35, there is a very good chance that the stock will continue to regain some unwarranted lost ground and may acceletate back up to the $40 level.
Pacific Ethanol Chart
