It was 41-43 cents the other day. if you bought, you would have had a 30% plus gain. To buy now means you either have to buy 30% more shares fro the same leverage of have 30% less leverage. Your possible return has decreased, but your downside risk at 57 is much greater than it was at 43.
this by not waiting for the chart confirmation I have a 33% potential profits that I can cushion me from my next FA decision
so in summary I think charts work sometimes, but there are certain scenarios we you have enough FA indicators ( and short leverage ) that charts usefulness is weakened. Not only did the chart prevent a purchase but arguably those following the 46.5 support line would have sold and arguably crystalised an unecessary loss
Now for complete disclosure, I sold 40% of my PDN holding and flipped it into PEN. Some sector , more diversification
PDN Price at posting:
56.5¢ Sentiment: LT Buy Disclosure: Held
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