chart

pdn is an excellent trading stock, and has some quite decent % moves. being a leading stock means there are cfds available to be short or long as well, which is handy.

having said that, the chart is in an interesting phase right now. hard to tell if this is a change in trend, or a time to reload short positions.

the bottom of the last sell of was 3.8, and the top in april07 was 10.8. the fib retracement line between these two points, shows the reaction rally from 3.8 pulled up neatly on the 38.2 level at around 6.4.

we have put in a higher low since then at 4.05 on the last pullback, but we are also making lower highs since nov07, these two lines are on the chart, the makings of a triangle.

my bias is still to the shortside with this one, but it needs a close watch. a run back to 6.4 is likely from here, and a solid break of this level would be bullish imo.

ps if all you have to contribute is charts and TA is rubbish etc (as i have seen a bit on hc recently) then kindly post you're opinions on the other pdn threads. as i don't post on these threads saying i think fundamentals are a waste of time.

thanks.