I thought I had already explained myself in the other thread....

I thought I had already explained myself in the other thread. Just doing some basic charting.

Probably better explained by ninelives on HotCopper. We had been discussing this stock over the last couple of days.

Quote ninelives

"this is a text book example of a retrace during a longer term move down. The most common retrace level is 50%. PNA fell from $1.24 to 60c and then rebounded that's a fall of 64c....50% of that is 32c......so a 50% retrace would see PNA at 92c....PNA actually moved back up from 60 to 91.5c(neeeeearly perfect 50%) before resuming it's downtrend. Technically PNA is still downtrending so I would be careful about buying it now" ......Unquote

So I assume 50% of 91c is roughly 46c....which is where (somewhere around 46-50c would be an exceptional buy. As I said it's going to have short term spikes, but overall as ninelives stated, it's still in a downtrend.