PEN peninsula energy limited

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62.0¢

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Tomaszabc

335 Posts.

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27/12/24

23:18

Post #: 77200678
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Originally posted by mh48: ↑

Now that we are at a pivotal moment in the company's history and it looks like the price is finally breaking out, I thought a new thread to discuss technicals might be in order. I don't usually get too much into technical analysis, being a value investor, but I do trade occasionally and I am interested to gain more insight. One question I have is about the theory of the 'gap'. I hear people talking about this often, but I am not quite sure what exactly they mean when they say 'the gap needs to be filled'. Obviously, if the price keeps going up, the gap will naturally be 'filled', but do they mean to imply that the price action will exhibit some special behaviour around this region, just because there was a gap? The gap for PEN is between $1.52 and $1.64, and we will hit this region soon. Do the gap theorists think because there is a gap here that they expect the price to rise quickly through this region? Or will there be resistance at the lower (and upper?) levels? Why would a trader or algorithm attach special attention to this region? Perhaps Tomasz can comment?

I also note there seems to be some resistance now around $1.40, corresponding to the closing price during the plunge day of Nov. 15.

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Filling a gap is like a self fulfilling prophecy. If there is no clear point where price is heading, it will be heading to close a gap. Gap is created then market experience panic or euphoria. It is mostly magic of Algo Bots and AI trading.

I see your chart as a very healthy stealth uptrend. It is not mania or euphoria.

Everything is great.

PEN Price at posting: $1.37 Sentiment: Buy Disclosure: Held
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