On the following thread: weekend charting 17 july 2010 Forum: ASX - By Stock (Back) Code: CHARTS - TOPIC - CHARTS (Google CHARTS)
Sharks37 said about the PEN daily chart: The daily looks to me like its found a (double) bottom and cleared out of that short term downtrend. Initial resistance looks to be at 3.6 - its still got positive momentum, MACD & Stochastic both still show further upside potential, so should get there and test that level. I'd like to see more volume though to have confidence that it will get through that level.
Why don't you take your chart to that thread and maybe start a discussion with sharks as to why you are corret in your reading and why he is not. I would happily follow that discussion there.
With the MACD continuing to track upward with every test of the 2.8 support, I believe Sharks to be closer to the money with his seeminly impartial interpretation.
PEN Price at posting:
3.3¢ Sentiment: Buy Disclosure: Held
