I'm not a holder of PEN but a poster on the CCC forum requested some insight on the TA. I thought I'd take up this request as an opportunity to show you what I'm seeing on the charts.
PEN has had a fantastic run. That there is no denying. At all points, however, a stock needs to consolidate to clear out the weaker hands. This is what everyone calls consolidation, or a 'retrace'. There are a few signals on PEN's chart showing that the time for a retrace could be now. Don't worry, I'm not looking for a lower entry, I'm tied up in other stocks, I just wanted to show you this chart for interests sake.
Going by historical trading, I would be calling a top at these prices, and I would expect some strong support around 8.4cents. Having heard of the stock's fundamental story, I like where it's headed, so my advice would be to use any retrace as a prime buying opportunity.
Regards, 5hareholder.
PEN Price at posting:
12.5¢ Sentiment: Hold Disclosure: Not Held
