daytrades nov 5 afternoon, page-56

Barnsty here's a slightly diff perspective on PEN. I'm usually a pitchforker but I like to mix it up. Here's what I posted on PEN thread last night.http://www.hotcopper.com.au/post_threadview.asp?fid=1&tid=1299246&msgno=5922465#5922465

Mixed messages



Note: Fail is not for the stock in general, but just the failure to close above 0.056.

Bull cases:
-Broke out of downtrend
-Repeating rise target of 0.06, which makes sense
-Encouraging MACD

Bear cases:
-0.056 looks pretty mean. Hasn't closed above 0.056 since Aug2007 (weekly)
-Overbought stoch
-Failed 0.055 today, watcher tomorrow
-Need 24m volume for increasing volume tomorrow

I would love PEN to get through 0.055 tomorrow (and stay there). Not expecting 0.06 to go this week though. 0.05 is a pretty safe entry, not sure we will see it though. Happy to hold on a 5c entry, may take some off the table at 0.06 and look for reentry in mid 5's. I just don't think it has the energy to zoom through 5.6 and 6.0 (at this point). If I'm wrong, entry after 6c because it looks good up to Fib level of 7.5c.

Would love any chartist opinions, slim pickings on PEN thread.