I have noted the last big rally with PEN although the price went up, there was a significant divergence with all the indicators.
For example the RSI (relative strength indicator) rallied significantly lower than the price action.
Further Stochastics supports the same diversion; another indicator the OBV (on balance volume) shows distribution as the price has lowered. OBV often will go straight across even if price falls when accumulation is occuring or may even rise, however OBV has been following price down.
As can be seen in the chart there is a significant down sloping wedge forming, lower highs pressing against a flat bottom, if this breaks it could be a significant correction .04 or maybe even .03 maybe tested.
This will be interesting to follow
I have noted the last big rally with PEN although the price went...
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Last
11.5¢ |
Change
0.005(4.55%) |
Mkt cap ! $366.3M | |||
| Open | High | Low | Value | Volume |
| 11.0¢ | 11.5¢ | 10.5¢ | $2.185M | 19.39M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 13 | 1892350 | 11.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 11.5¢ | 3719 | 1 |
View Market Depth
| Last trade - 16.10pm 12/07/2024 (20 minute delay) ? |
| PEN (ASX) Chart |