I was pretty darn close. PENC.OB hit $1.19 on Thursday before settling down a hair to close at $1.18.
My hopes of $1.20 were dashed, but just barely. Either way PENC.OB made a nice bounce from its recent low of $.97 on Tuesday.
While I’d normally be a little more concerned that volume has been trending down despite share price rising, it’s looking pretty thin at current levels, which leads me to believe that there aren’t too many sellers in this range. Boy, could we use some news here.
The CEO hitting on a scratch ticket could be enough at this point, for crying out loud. OK, OK, I’m being facetious, but I still like the chances of PENC.OB going a bit higher today after making higher highs in each of the past 4 trading sessions.
With oil still struggling at best, I can’t look too far into the future here. However, if PENC.OB doesn’t retrace early and begins trading like it did just a few days ago, volume wise, I like our chances of closing the week in the $1.23 – $1.25 range for a pretty solid 30% or so gain from the recent low print of $.97. Even at today’s close, we’re still up more than 20% from there. Not bad gains for a week in which the sky has been falling.
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