daily and weekly, page-4

Soul_surfer, I'm not sure I can agree with your interpretation of the supply coming from that fukushima down bar. Bearing in mind that whe sellers are coming from is often speculation, although there are normally clues, I'll propose the following alternative theory:

Buyers on those high volume post fukushima down days had several months to exit as theorice remained in the range of those bars until August of that year. Remember yesterday's trading saw 17M push the price up to the high within the 1st 15 mins of trading, and then it tookony 3M to push the price back to 5.3c in the following 5 mins, indicating to me buying exhaustion at that time. Then we saw a gradual decline to test the 5c support level. All up, about 30M of supply involved yesterday.

Most supply will come from buyers trapped at a level as you know, but most will wait for an opportunity to break even, not wait 18 months and still take a loss. So imo the supply came from those trapped just abve 5c from that period just before the price dropped suddenyly from 5c to under 4c in May this year. Imo there's not a massive volume of trapped supply from that period, so probably not too much overhang left.

The 5c level seems to be a significant level for PEN, judging by the number of times price has reacted to this level one way or the other over the last 18 months. Now that price is to the upside of this level, I expect it will be well supported, and of course it only has to survive until we get news of the PTM.

Cheers, Sharks.