TA, page-7

I start with a disclaimer that I am not very experienced with technical analysis, but I thought I'd share my observations about historical 'gap filling' for PEN.
Here are some examples of 'downward' gaps that were filled.
Gap 4/6/2020:

Gap 25/11/2022:

Gap 23/8/23:
'
Gap 2/8/24:



These examples appear to share some general characteristics, as follows:

1. Initial resistance of price to cross the lower boundary of the gap. At least 1 or 2 attempts rejected before finally crossing up into the gap region.
2. High volatility either within the gap region, or immediately after filling the gap.
3. Strong resistance to staying above the upper boundary of the gap for several sessions after filling the gap.

If these patterns have any predictive value (of which I am not 100% certain), we could expect our little rally to continue to the $1.52 mark, at which point there will be some resistance (maybe for a couple of days) before climbing relatively quickly to $1.64, at which point we could encounter some more resistance and price volatility.