spring a ding or dong!, page-15

Surfer,
I am discussing this further for the sake of understanding what is happening better and not for a fight. I need to make this clear from the outset.

It is all about interpretation of what is happening. My interpretation may well be different from yours but at the end of the day it is just the way I read the action.

The DEMAND was at 2.5, since that was where people were happy to put their money on the table.

The SUPPLY into 2.5 was small, since there were only 4 small sells. In my interpretation, these were tests to see if further supply could be drawn out of weak hands into 2.5

The sell at the end of the day was a test to see how keen the buyers are. At this stage they are not too keen, nobody wants to pay more than they have too! I believe that the smart money has started to accumulate and PEN is primed for markup.

We will have to wait and watch to see if demand at 2.5 continues to grow and see if it spills into 2.6 but at this stage my money is on demand growing.