a traders perspective, chart direction, page-15

Wow a few posts to respond to, watched the Last Samari what an awesome movie.

Saylor
As Hang has mentioned has not come to the end of the line as yet still a little way to go. You will note that today although a tickle more volume, not significant.

I do not claim that reading a chart will get you rich as there are other factors as well, such as fundamentals etc etc

PEN may have good fundamentals and maybe the reason it ran so hard in the first place. My thoughts are it ran too far especially when production is a couple of years down the track.

In my reading of the chart and the divergance of the indicators would suggest Mums and dads ran it up due to their faith they were on a good thing.

Now the price is doing a reality check and from the chart I would say further to go. However a chart is history and things can change however I would be surprised.

As mentioned in an earlier post the 50day moving average is starting to slope south which is not a good sign. A little bounce to touch .047 is nothing, it would impress me if broke over the .052 on good volume though.