pen - the month that was, page-16

March 2012 is now behind us.

6 month daily chart:

1. Fridays candle showing indecision. Maybe some didnt want to hold over the weekend? or someone tried to keep PEN down before next weeks expected announcements and get some weaker holders to sell out?

2. Another poster mentioned the other day a possible inverted head and shoulder pattern. Refer to the thick blue line. If it is playing out, it looks like fridays shakeout backtested the breakout of this pattern? so onwards and upwards? unless this is the end, see thin light blue line and big volume on friday??

3. Since hitting 7.5 cents PEN has made lower highs (LH) and lower lows (LL) in Feb. The LL was supported by the gap (yellow coloured region). PEN has now made a higher low (HL) and possible on its way to make a higher high (HH).

4. If you look closely, the 10 day sma crossed the 50 day sma. That is a golden cross. thats a positive. The share price is currently above the 10,20,50,100 and 200 sma.

5. The stochastic took off without the MACD, but a look at the rise from 2.5 cent to 7.5 cents (red rectangle on stochastic) we might see the stochastic remain high while the MACD rises.

1 year weekly chart:

1.The week before it looks like PEN hit the downtrending purple line drawn and the share price fell back.This week it looks like on the weekly chart PEN has managed to break out of the downtrend. Pen also seems to be supported by the purple uptrending line drawn.

2. The weekly chart has now made a higher high (HH) and higher low. Do we see a higher high on the weekly now? looks possible if PEN broke out of the downtrend.

3. as mentioned during the week, a golden cross was occurring. the 10sma has crossed the 100 sma. thats a positive.

4. the share price is above all ma's.

5. The stochastic and MACD are looking beautiful. I posted a few weeks back the stochastic should turn up when the MACD pushed through the zero line. We are seeing that. refer to the green dots.

3 year monthly chart:

1. PEN has now finished green for the third month in a row. The First 2 months had higher volume. This month, PEN has lower volume but it dipped down to the 10sma, and then rised up to finish up for the month. is this one of those test months mitta3 refers to?

2. the monthly close was just under the 20 sma. the share price closed the month above the 10, 50, 100 and 200 sma.

3. The stochastic and MACD are looking good. A cross of the MACD (see blue dot) would be a positive.

We saw a few announcements out by PEN in March. Looks like the most recent 3 helped PEN recover its ground and finish green for the month:

30/03 Audio Broadcast
29/03 High Grade Drill Results Continue at Lance
20/03 Company Presentation - Mines and Money Hong Kong 2012
14/03 Half Year Accounts
14/03 Appendix 3B
2/03 SandP Indices Announces March Quarterly Rebalance

Milestones have now rolled over to April. Presentation slide is from the Mines and Money Hong Kong 2012 announcement. Only change is in the yellow box where the March targeted milestones are now moved to April 2012:

Lets hope the April targeted milestones help continue to increase PEN's share price this month.