PEN's chart over the last decade is littered with patterns that can be interpreted as converging triangles or descending triangles and most of them break down or trail off sideways. This makes perfect sense since most of the time nothing is happening but every once and a while someone either gets excited and buys up a bunch or someone manipulates the price up but then nothing continues to happen and the price grinds down again. The big take away to me is that people are more emotional about price rises than they are fearful about price falls and there is bugger all liquidity. When PEN finally does run and I am betting it will it will probably be random or in the middle of a consolidation period just because PEN spends most of its time falling and consolidating. I just don't see a point in looking at PEN in particular and trying to read the tea leaves with such low liquidity. I would rather look at the spot futures wich in my opinion shows a far more bullish pattern. PEN's balance sheet being as healthy as it is right now with the spot price holding up well I would be more excited about PEN's price falling to 14c and bellow for another opportunity to buy. That is entirely possible before we see the run we are hoping for.
PEN Price at posting:
16.0¢ Sentiment: Hold Disclosure: Held
