Penbar Capital Ltd V.PEM

Primary Symbol: V.PEM.P

Penbar Capital Ltd. is a Canada-based capital pool company. The principal business of the Company is to identify and evaluate opportunities for the acquisition of an interest in assets or businesses and, once identified and evaluated, to negotiate an acquisition or participation by completing a qualifying transaction. The activities of the Company are initially limited to the efforts to identify and evaluate the acquisition of assets and business, which would represent a qualifying transaction for regulatory purposes. The Company has not commenced commercial operations and has no significant assets.

TSXV:PEM.P - Post by User

Penbar Capital Ltd

Bullboard Posts

Post by wood6411on Jul 16, 2011 12:47pm

326 Views

Post# 18838820

TECH CHART ANALYSIS - COMMENTS

Hi folks, haven't posted a chart in a long time, but thought today is as good a time to do so.

As you all know we have been in a vicious downtrend since the spring. Where this will bottom out is anyone's guess, but I hope it is soon. We are in mid summer, and the best time for drilling, and other exploration tasks. The drills have been turning for a couple of months now, and a few drill results released, although not met with much optimisn by the market. Hopefully this will all change on the next set of results.

Looking at the tech charts, both daily and weekly, I still see the downward trend intact, however, on the daily we just made improvements on the RSI for the last 4 trading sessions, so that is a positive sign. We need to get back over neutral territory and hit the 60 level, which should then confirm we are back into an uptrend.

The price is still well below all the EMA's, but appears to be ready to cross at least the 10EMA. This will be a huge boost in confidence if we can accomplish this in the coming week/wweks. Usually when we are sitting above the 10EMA we are good to go for an uptrend. We had that bit of confidence back towards the end of June area when it crossed above, but with so much institunal selling of shares (or whomever cashed in to exercise those warrants as some put it on here) we would most likely be trading at higher levels today. Us retailers took the brunt of that one you might say.

If this company can put out a decent drill result news release soon, I see the share price catapulting back up near the higs in short order. If on the other hand there is still more selling of the shares by the big boys, we are going to remeain where we are. It says it clearly in the technical charts. It is those who follow technical analysis that are heeding the signals and getting in and out when they should be. I know some on here thing technical analysis is garly guke, but a picture is worth a thousand words.

Take from this what you will, as it is just one man's opinion. Good luck to us all. Hope these two charts come out ok. I'm posting a Daily and Weekly look.