Hi saylor, noticed your recent purchase today and thought I would update my analysis from last weekend - this is obviously looking at PEN for a low risk entry which is much longer than your trading style, best of luck with your purchase. Most of this post I have copied from my previous as nothing has changed as yet.
I've posted a monthly chart here, first thing to note is the last bar still has another week to complete so we can only imagine that the volume will at least match or pass the volume of last months - which if it does kind of implies a little bit of breaking down still.
I've highlighted the big volume UP months which as we can see normally brings a fall to the share price UNTIL we slow the selling to almost nothing as can be seen in the area's of A,B and C. We can see that the volume during those months is basically the smallest of any nearby and then the share price responds with positive movement soon after.
NOW if we look at BARS NO1. and NO2. we can see on those months especially bar NO1. that the share price did not fall very much considering the HUGE amount of volume for it and then look back to areas of similar high volume and we can only think that maybe or quite possibly there is more downside to come and also if this current month exceeds last month for volume - these last three months will have or do not look anything like the volume at the previous areas where it responded upwards. So if a long term holder and believe in the FA of PEN there is possibly another period coming where one can accumulate more. As we all know the markets have copped a hiding and PEN began the week at .038 and has closed .030 a fall of 20%. Even thou some may say that it was only the European debacle that has aided my analysis for this week we just have to step back and look at the chart because thru out this chart it also covers GFC1 and many share raising and every other thing you could imagine over the last four years. For a longer term low risk entry imo one is coming just have to wait a little longer. Hopefully haven't been too confusing with my analysis. lol
PEN Price at posting:
3.0¢ Sentiment: None Disclosure: Not Held
