TA Perspective

PNX have been trading sideways since Aug 16  mainly between 2 - 2.8 cents .  During this period the price tried to crack 2.8 cents three times only to fall back lower every time. This time hopefully it might just crack 2.8 cents with the slow build up  in price over the past four weeks as selling pressure dissipate.  As shown  in the WEEKLY  graph below if breakout occurs on good volume  then we can reasonable  expect 4.0 cents as the first target.  Expect to see some overhead resistance  to overcome  up to mid threes as result of previous unsuccessful breakouts .  In the event that  the breakout is unsuccessful  the price range of 2.2  to 2.4 cents provides good support until next attempt.   Current price offers a good opportunity to accumulate in my opinion.  GLTA