Even though there has been a 'spike' in price PEN has not made a higher high in round about two months.
That still constitutes a down trend. the high that it has now reached needs to clear the previous closing high of 3.3 to offer the possibility that the trend may change.
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The formation needs to be completed before any possible conclusions could be drawn, even then it is still a little early to tell.
Cheers
notice, page-21
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