Wednesday, November 13, 2019

Penguin: Pushing higher over the past 2 months. Can there be more upside from here? Price 0.71

Just about 2 months back, we saw Penguin breaking the key 0.56 resistance level..

We had been trading below that level for about 4 months so any bullish move above could be a good signal of more upside to come..

Buyers managed to defend that level and it became a good support base for them to push higher..

Indicators were also pointing towards an uptrend taking shape nicely for this counter..

Hence, some target were drawn as seen below, to 0.65 first… see what I mean,

In about 2 week, we started pushing higher and target at 0.65 was nearing..

Target was reiterated again to 0.70 with the uptrend still intact..

There were some profit taking along the way but buyers were still holding well and not allowing price to push lower to where it was the previous week…

We call this forming higher highs daily which is a good sign of strength and momentum.

Short term moving averages were also bullish..

Fast forward to where we are now, we have seen some slight consolidation below 0.700 resistance over the past 3 weeks..

Support was shifted higher at 0.65 and that’s where it held on well..

The thing is, we have been awaiting further upside with a potential breakout above the 0.70 for the uptrend to continue..

Seems like we are seeing some bullish actions returning again over the past few days…

Which can see price pushing higher…

Looking at another 12% gain from new revised target at 0.80 now..

Quite a good run over the past 2 months indeed, but is it over?

Remains to be seen, but for now, looking good with it holding above 0.70 support… See where we are now…

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