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PEN - Peninsula Energy

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tech/a said:
The only thing thats confirming anything is supply.
If it dries up it will rise.
Continues it will fall.
Support at 4c
Click to expand...

I've finally seen the light!
Correct me if I'm wrong, this is life-changing.

If there are more buyers than sellers the price will rise.
If there are more sellers than buyers the price will fall.

I'm off to get this tattooed on my forehead...
 
dengo said:
I've finally seen the light!
Correct me if I'm wrong, this is life-changing.

If there are more buyers than sellers the price will rise.
If there are more sellers than buyers the price will fall.

I'm off to get this tattooed on my forehead...
Click to expand...

Price will only rise if sellers withdraw from selling.
Volume has little to do with it.

You must have a big forehead !
 
tech/a said:
Price will only rise if sellers withdraw from selling.
Volume has little to do with it.
Click to expand...
Hm.

Greater bid volume = price fall. Greater ask volume = price rise.

Volume in inextricably linked to buying and selling and thus price movement.
 
kennas said:
Hm.

Greater bid volume = price fall. Greater ask volume = price rise.

Volume in inextricably linked to buying and selling and thus price movement.
Click to expand...

Greater bid or ask volume in market depth has little to do with price movement.
Mind you most watch it like a hawk thinking it has EVERYTHING to do with it.
that's why you see all sorts of ridiculous bids placed and pulled.

Price moves at the face often not seen in depth.
Flow can and does appear from each side in spite of depth.
Sellers will soon pull their asks when they see a run to the positive.
As will buyers pull their bids if selling arrives.

If you really think hard about it price has only ONE driver---SUPPLY.

Eg light buying---even lighter selling---Price RISES.
 
Shorter term hourly chart shows a bearish head and shoulders continuation pattern.

If 4.1c support breaks then measured move target = 3.2c

 
If your saying Dengo can make a pattern out of tea leaves i take it as usual your taking the #%#% out of him. So whats your take on the chart or hasn't the leaves formed a pattern for you yet?
 
tech/a said:
You'll make a pattern out of tea leaves!!
Click to expand...

I see you're leaving us - a sad day for all...
As a parting gift I will supply my vision of PEN's weekly chart.
I propose that a bearish descending triangle reversal pattern is forming -

 
dengo said:
23rd-November-2012 09:23 PM
No lag whatsoever. Check the recent buy signal confirmed by the RSI on the same day when it crossed above 50. Support @ 4c on my charts too

View attachment 49726
Click to expand...

RSI confirmation of SP support failure by falling through 50 on the same day SP returns to the 3s, (no lag).
Expecting a gap closing bounce off the lower Bollinger band then a test of the old support level @ 4.0c
Head & shoulders measured move target = 2.5c

 
Don't ignore the LT effect of Japan turning the reactors back on and China building 60 new ones, not to mention India likely to go down same path.
 
Fair go BOGGO

We can all learn so much from Jancha's
flitting around from RED to MAD to RED to PLU.
 
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