Chart stuff, page-6

Afternoon all

PET's share price is holding up quite well despite overall market sentiment.

Since my last posting it has risen from 62 to 79 cents and is now consolidating around the 73 mark. A move up from here points to a target in the low 90s (73+(79-62)).

The push to 79 cents was on the back of an application of phoslock to the first of the nine lakes in the Yunan province and the prospect that the trial might lead to an ongoing contract to clean up the lake(s) plus news that PET is expanding factory output and closing in on more contracts.

In my view getting the share price into the 90s will take fresh news and we are due to hear the results of the Chinese lake trial in early June. Confirmation that the trial has been converted into a contract would certainly help and if another contract is announced around the same time that would almost certainly do the trick.

Here's an update of PET's chart which shows a pennant on the point of breakout indicating imminent news.



With so much potential work in the sales pipeline I would not be surprised to see the share price go through the $1.00 mark in the next couple of months provided of course that some of the pipeline is converted into actual sales.