Mick, if you look back at the chart before the previous accumulation and mark up phase, you will see a similar pattern(Apr-Jul 2008). This is a redistribution phase to complete the mark down phase. Following a sell down, there is an automatic reaction back up into which the professionals distribute. It is followed by a period of low volume downtrend, bottom and accumulation period.
The period that you are referring to was the one that I was posting about and calling as distribution at the time.
CEB, I think I called the start of the MARKUP phase some time ago!
PEN Price at posting:
4.2¢ Sentiment: Buy Disclosure: Held
