resistance, page-15

Here's a quicky on the PEN chart...

The main indicators are all overstretched, which is not surprising given the run its had. After such a strong run I would think this is a short term issue, and nothing to be concerned about for long term holders. I marked all the major support and resistance from the monthly chart and then did a fibonacci retracement from the all time high to all time low. Straight away we see major resistance plus the fib level coincide here at 10.5c. Additionally, the 10c mark will be a psychological round number and something that everyone looks forward to as you move from 0.001 to 0.005 price incremements. I noticed PEN was back down to 9.3c yesterday (14 january) and I would think a gap fill and test of minor support at 7.6c is possible, but a long shot. A break of 10.5c would change that though and given the fundamentals where it is most likely headed. I wouldnt be long, but I wouldnt go short either. This might be one for The Speculative End newsletter in a couple of weeks. It's just taking a healthy breather!





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