I am half asleep at the moment so please excuse me if ive missed somthing....Heres my thoughts on PEN. On a weekly chart price has been chanelling up nicely and is currently sitting on support at the bottom of the chanell. Its also sitting on horizontal support at 45c. Volume has dropped off on the decline from the top of the channel which is good.
Acc/Dis is showing convergence with price indicating to me that this is a strong trend and doesnt tell me there is any excessive distribution.
Id like to see stochastics start to turn in the next day or two or it will drop too low indicating possible weakness.
RSI has been chanelling sideways and has just tested its support indicating price is due for an uptrend as far as RSI is concerned. Obviously a break down of this channel would be bearish.
We had a doji candlestich today on increasing volume which is positive.
All other things being equal, I like the look of the chart. I wouldnt buy it personally, because its not ascending fast enough, but ive seen far worse out there.
[URL=http://img109.imageshack.us/i/penweeklyvolume.png/][/URL]
[URL=http://img704.imageshack.us/i/penaccumu.png/][/URL]
[URL=http://img710.imageshack.us/i/penstoch.png/][/URL]
[URL=http://img705.imageshack.us/i/penrsi.png/][/URL]
