Charts: Repeat of channel break?, page-20

Anyone not short-term trading PEN should be treating any price action contained between 0.80 and 0.51 as price-ranging between a medium term high and medium term low. Breakout past either point likely establishes the longer term trend (or possibly further basing action around 50c).   

That said, i have pasted a candle volume chart only because they are quite intuitive for non-chartists. The fatter the candle the greater the volume.  On short term implications we are obviously bullish over 0.65 and less bullish on closes below 0.58.

You can see that there was some good selling volume 5/8 and 8/8 - likely frustrated traders, realising that the movement had stalled from candle on 14th, offloading. Last Friday was the first real chance for those who bought in early August and had since held onto a paper loss for a while  to offload at break even: not that the volume was excessive, but it's just an obvious supply zone that needs to be tested. Prices retreated on thin volume today. Would prefer to see some buying demand step in between 0.56 and 0.58 to maintain a bullish posture.