Technical Analysis update, page-3

PEN is poised to break out from the round bottom, or Cup & Handle pattern. The monthly and Weekly charts are all moving up, indicating the direction of the trend.

The island reversal as marked in the blue circle is meant to induce weak hands to sell into strong hands, as there is no heavy selling volume afterwards. Another attempt was made on 9/11 which broke out the previous inner high (dark yellow line) and touched the low end of the island reversal (black line), again a test of the market.

A triangle seems to be forming.

It is currently sitting on the MA, but potentially can go down a bit more. Two levels of interest are: 23.5c which is the low end of the gap and possibly weekly MA price, and 22c which is the previous high.

Interestingly, PEN's chart looks like clone of BOE and could go similar trajectory (I have an updated chart in BOE discussion).