Hi mudguts. The reasoning for my thought that PEN will descend...

Hi mudguts.

The reasoning for my thought that PEN will descend shortly is due to a combination of 3 negatives by my own observation.

1/ Downtrend line from Feb 2011 ....touches lower highs earlier in year.....had intra day spike to 3.7 on Aug 8th.....past week had 2 announcements and best we could do was 3.2 cents.....We are starting to press on this descending trendline.

2/ Aud/JPY exchange rate....Had been trending upwards for about 3 months....About 2 weeks ago it started heading downwards.....The wall at 3 cents deteriorated fairly quickly.

3/ Several weeks has seen a declining SP of U308

I have minor reasons that support my thoughts....Redbacka weekly report on XJO thread............Once a year you could buy and sell---To soon yet(My own observation)............Charts on XJO by members showing historically Sept/Oct are months of decline..............Copper charts showing head and shoulders--Has been meandering at about 3.40 a pound for about 3 months--similar time frame as PEN at 3 cents--Copper had broken some upward trendlines on my observations a little while ago.......

I find it interesting reading others thoughts as to reasoning on directions of PEN.....I have been getting itchy feet to buy back in recently, appeared a base is forming but the last 2 weeks I feel has raised probabilities the direction will soon be downwards.

Regards Karlos.