I'm with @Semevelest, but don't want to start a war, this has been a nice civil forum for years.
Having held this stock for over 5 years and traded it occasionally, it is a stock heavily influenced by sentiment, and sentiment is what charts are all about. Don't think that disappointing results or a better outlook translate into a stock price just on that day or week. It can take months for large holders to exit, or buy up. Resistance or support is generated by these sentiments combined with the amount of stock needed to be bought or sold.
If a large holder leaving nominates 41c as their minimum selling price, 41c will be the ceiling until they're gone. When that price is exceeded it may be quite some distance before another significant holders target price is met. We minions have little effect, but traders are much more likely to buy this stock at 43c than they would be at 39c, because it's demonstrated the dumping might be overcome by the buying, even if it's just other traders doing the buying.
I guess what I'm saying is it takes a long time after any changed circumstance for a stock to settle. It's likely oversold at the moment, that is the reaction was too extreme to begin with. Breaking of resistance signifies a move towards fair value, but as is usual on the ASX, if it gets a little momentum it will overshoot reality in the other direction. That's how traders make a buck after all. Even without news, resistance and support are real things.
PGC Price at posting:
41.5¢ Sentiment: None Disclosure: Held
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