Resistance is apparent at $2.70. However, selling pressure at that level has been weak; volume was 0.4 times average during the single occasion when the resistance price was breached in the last one month. In the last one month the high was at $2.70 on Nov 11.
The stock traded between an intraday high of $2.46 and a three-day low of $2.30. The price range has expanded in the last two days (from 8.0c three days ago to 16.0c yesterday) which, accompanied by a price rise, is a bullish signal.
Open Interest rose for a second week. Open Interest soared 23.8% from 126 a week ago while PDN climbed 5.6% from $2.24 a week ago. Combined with the rising price this suggests the market is strong.
PDN Price at posting:
$2.45 Sentiment: None Disclosure: Not Held
