tech analysis, page-4

chart for those interested Whilst it is entirely possible that PNA will not complete its full retrace, it would also be obvious to even the most novice chartist that PNA is travelling down a very metered distribution path with only a fraction of the accumulation interest that has been showing in producers of the type of LHG and OXR.

Charting always has an element of art more than science but what it really does is allow one to weigh the odds of something being more or less likely.

In this case I would say that it is quite likely that 15.5/16 is going to prove to have been upward limit and a retest of 13c is now on the cards. IF - and it is an if not when - that occurs, then a failure will see PNA finally, maybe only briefly complete the pattern at 10.5c.

Please note the timeframe PNA is using to effect this pattern. its very extended, PNA has been in retrace for nearly a year. I don't blame the true believers for chomping at the bit. Problem is that that this may well leave lots of time for another 'rest' in the gold price run, allowing a market excuse for PNA to fall.

As always the above is only my opinion. You should do your own research and form your own view.

Chart below. Sorry, its a large one for detail.

Cheers,