Potential Long on PENPEN is currently in a descending wedge with bullish RSI divergence but still looks bearish on an intraday chart so should move down to support at around 0.07c. Look for a breakout and retest of upper trendline for entry or enter a small position on break of wedge, stoploss at last swing low move SL to BE when safe to do so. Good luck
PEN
PEN Trend reversal?PEN has been in a big prolonged downtrend for over 10 years, looks to be forming a bottom here and possibly starting new market structure as shown in the next chart. You can clearly see a huge increase in volume building and has now closed above the 20MA on the monthly chart. Uranium etf has had some big gains over the last few months helping to lift PEN.
PEN PENMF PENINSULA ENERGYChart on a left is OTC ticker PENMF and chart on a right is PEN.ASX trading on Australian exchange. In my opinion OTC US exchange looks a lot stronger with potential Golden Cross. OTC Ichimoku CLoud is uptrend angle and ASX does not. Both charts RSI and Stoch in an uptrend direction. RSI is coming down from an overbought area to 70 level. Since we are in Uranium bull market it is normal to stay overbought for longer periods of time.
Conclusion: both charts for each exchange is looking strong but in my opinion OTC US exchange is looking better, especially considering Golden Cross scenario.
Good luck
PENINSULA BREAKING OUT????We broke the middle of the longterm downtrend channel with volume in December BUT left a gap at 0.090, so be careful of that.
Besides the gap, we bounced perfectly on the 66 Fib retracement.
Once we break the upper channel line of the downtrend and claim the upper line of the current channel, its fly time for Peninsula
USDPEN Where to place a long-term buyPattern: Triangle on 1D.
Signal: Buy if the Triangle breaks upwards or if the price touches the 1D MA200.
Target: 3.6200 (+8.50% from the recent low).
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