I'm just putting this out there, I don't have underlying motives LOL.
Unfortunately the stock didn't close at 14.5cents, and thus today's price action does not constitute a dragonfly doji.
The intraday high of 14.5cents is the same as yesterday's high, and because the stock closed below this high, this is perceived among many to be a tweezer top.
A tweezer top is often an indicator of a reversal in trend. It is important to note that it is not today's volume that is important, rather you must have a look at tomorrow's volume to see if the market is confirming the reversal in trend. A close below 13.5cents on higher volume than today's trading (29M) will confirm the reversal signal.
I posted a chart last week highlighting that there were a few signals pointing towards a reversal just around the corner. As expected my opinion was doubted, and I'm cool with that. It's only natural for holders of a company with a good story to say that FA wins over TA. Just remember that I was looking at a weekly chart so even though the stock did move up a cent or two since then, what I was discussing still stands. For those who missed what I'm talking about, there should be a 'chart' thread in the PEN forum somewhere. For what it's worth, this move up over the past few days is often referred to as a 'blow off top' where buyers will scramble for the stock thinking they've missed the boat, and this creates a short term spike in the chart.
Food for thought...
Not trying to downramp. Not trying to gain a lower entry. Just saying it how I see it.
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Last
8.2¢ |
Change
-0.002(2.38%) |
Mkt cap ! $261.3M |
Open | High | Low | Value | Volume |
8.5¢ | 8.6¢ | 8.1¢ | $536.5K | 6.476M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 30000 | 8.2¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
8.3¢ | 25000 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 30000 | 0.082 |
1 | 30001 | 0.081 |
10 | 2384093 | 0.080 |
2 | 10164 | 0.079 |
1 | 100000 | 0.078 |
Price($) | Vol. | No. |
---|---|---|
0.083 | 25000 | 1 |
0.084 | 20000 | 1 |
0.085 | 540000 | 3 |
0.086 | 435698 | 4 |
0.087 | 912531 | 4 |
Last trade - 16.10pm 13/09/2024 (20 minute delay) ? |
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