Short update to PEN chart below. This is a good example how weekly charts can reduce the noise of daily chart moves and can show clear areas of potential future Support & Resistance. Generally the more longer-term the Support/Resistance Line is, and the more times it has been tested, the greater impact it can have on the shareprice. Since charted in early December 2017, PEN hit the LT Trending Resistance hugging it for last 6 weeks. It was squeezed between either breaking that LT Resistance line or breaking below Support. 43 cents Support broke on Wednesday on fairly large volume. 200(d) sma is floating around 37 cents currently and make offer new Support. 43 cents now Resistance.
