Jim, I see some encouraging indicators from PENG's chart for those of us who are short.
stockcharts.com[h,a]daclyymy[pb50!b200!b25!b9!f][vc60][iut!Ub14!Ua12,26,9!Lh14,3!Lc20]&setting=-%20Select%20-
The Relative Strength Indicator is nearing overbought range. The Stochastics are already there. These aren't the significant items though, the resistance line is.
When you look at the chart, you'll see on three different occasions where the 27.25 - 27.50 price served as support when the share price was higher, and coming down. Each time the price came down to these support levels, the price spurted back up.
Now that PENG is coming from a different direction, that 27.25 - 27.50 price will serve as resistance. Again, looking at the chart, guess where the price traded to yesterday, and guess what happened?
Yup, you guessed it! The high of the day was 27.49, and the price dropped back some.
This is critical! If PENG "closes" above 27.50, we're in the Big Dog doo doo house. Adding to your position here should be taken into careful consideration. Technically, closing above 27.50 wouldn't bode well for your financial future if you got carried away here. Personally, I'm going to see where the trend confirms before deciding what to do.
Your very nervous brother,
dabum |
