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PENC stock price has broken above the upper symmetrical triangle trend line and could be headed for new highs.

A break above $1.19 will take PENC back to $1.25 followed by $1.30 and a new 52 week high above $1.40.

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.

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. Read the rest of this entry »

PENC.OB stormed out of the gates on Tuesday morning moving up quickly from its opening price of $.97 to an intra-day high of $1.06.

After that, the stock continued to dip minutely and then rise back up to test the $1.05 level a few times but just couldn’t seem to break through. When all was said and done, PENC.OB ended up closing green at $1.045 for gains of 7.7%.

If PENC.OB pushes off the blocks on Wednesday as it did the day before, the stock should finally bust through $1.05 and then $1.06, which would be a very bullish indication of what’s in store for the rest of the trading session. I can then see PENC.OB charging up even higher into the $1.08 – $1.10 range if the aforementioned resistance levels are broken and we see volume at least in the 50K to 100K range.

However, if PENC.ob happens to begin slipping back into sub-dollar range as it has the past 4 trading sessions, you may want to rethink your strategy here as the stock has not wanted to go lower than $.94 recently and move that far south could spell a loss for many. You can get back in on the way up if this unfortunately happens to be the case, but it doesn’t seem like many people are in here under $.94. Good luck everybody.

PENC.OB is testing the $1.06 level again in early trading and the stock has already traded more than 7K shares just 15 minutes into the day.

Despite analyst concerns that decreased energy demand will hold down energy prices going forward, PENC.OB is such an emerging growth opportunity, that even if prices to continue to dip, we could still see some signficnat improvement out of the company both from an operational/financial and stock market perspective.

PENC.OB just recently acquired gas and oil producing wells in the U.S. and is poised to help decrease America’s reliance on foreign oil if they can start mass producing. Again, if we can punch through recent resistance at $1.06, I think that’s a very bullish sign of a run up at least to around $1.08 – $1.10.