I dont see an "engulfing" candle at all. An engulfing candle displays a particular pshycology, where the days bullish trading "engulfs" the previous days fall, ie red candle. Yesterday was actually an up day, and today's candle actually opened ABOVE yesterdays close/candle & kept moving up ... really it was a continuation of yesterday's bullish action.
Today's candle is nevertheless a very good one indeed for a number of reasons. The interesting area now is this 4 cents mark, which has served as resistance & support for a number of years - a weekly chart relly shows just how significant this 4 cents level is.
The fascinating thing for me is the strength that PEN has at this level, and quite possibly we could see it just power through it ... if that happens early next week, expect it to re-test that mark to confirm 4 cents as support.
Certainly looks very interesting from here
cheers
PEN Price at posting:
3.9¢ Sentiment: LT Buy Disclosure: Held
