WE think PDN is a good long term buy. We have been bullish about this mid term up trend, however, technical indicators have been suggesting that we are near a breakdown or a breakout bounce off the last recent low @ $2.12.
At $2.40 now which is well below the last highest high that we double topped on, we don't feel a pressing need to trade unless we see strong indications during the next week.
Just as concerning, is the potential to move to lower prices as indicated by the price position moving to the right and to a lower level than the last ringed bottom and on a downward slope of the lower bollinger, where the price broke through. This is a characteristic of lower bollinger touch breakdowns. The downward sloping bollinger and price move to the right and following the bollinger is scary.
Ringed candle lows set benchmarks for support levels and we broke it, at the very least suggesting weakness of the price bounce,. so be alert for a top on this present reaction bounce and because we have sold off a lot of resistance, we have A CHANCE OF SPIKING to a super top, of which I'm very sure will be a good opportunity to swing.
To follow the line of thought completely... follow this link...
The Big Bounce
GLTA Lostoutwest
Kenuck SmallCap Trader
StockCharts Public Chart List
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