From a TA point of view, the daily trading range was narrow and the volume was small, indicating the cycle is nearing its end before resuming upwards.
Anyone who bought this shares around $5.50 and $5.70 (assuming if the price do come down to $5.50) should be quite safe about the entry price, as I don't see the price dipping further unless this happen:
1) Global market drop. 12 May 2006 witnessed the start of the correction after huge run for past 3 months. ASX dipped by around 300 points. I sense the same coming now and today is just the starting of the correction.
I'm still holding off at the mean time from buying, although I know that next few days we will witness a change in trend. Both the oscilator and MACD indicated this stock is way oversold.
The reason of holding back is that the global equity will be having a correction over next 2-3 weeks. China equity had a huge rise of over 50% for the past 3 months alone, so the risk is on the card.
cheers JM
PGL Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
