$PNTV Daily Chart ~ On the Verge of a Breakout
Post# of 2559
Posted On: 06/29/2014 3:19:57 PM
$PNTV Daily Chart ~ On the Verge of a Breakout
Link back to my technical thoughts on the June 19 post which I'm responding to. As hoped for, we got our consolidation, primarily in the .025-.0265 level. The move on Friday was on 537k shares and up over 11%. The stock traded as high as .032 while closing at .0295. With a quick glance at the chart, one can see that Friday's close was the highest close in more than two months. Additionally, PNTV closed right at the declining tops line as well as the MA100 and on the upper bollie. The MACDs have already crossed over and all above their zero line. The positive divergence of the indicator and signal lines can also be seen with Friday's move. The set up for a breakout is ready.
The obvious buy trigger was when PNTV based and held in the .0149/.015 level. For those that didn't enter at those levels, a confirmation of a higher movement occurred when the stock moved up and broke over the .02 resistance of the mid April to mid May. That .02 level was a month long support level before failing in mid to late May. Since the call of a bottom at .0149, the stock is now up near 100%. What I would like to see in this shortened trading week would be a move to the .035/.04 level. Strong bidding in the .03-.033 over the next couple of days would allow the longer term investors an opportunity to absorb the short term sellers. Since the stock is already at the upper bollie, a spike well outside the upper bollie would not be a good thing. Slow and steady accumulation while absorbing the flippers will be healthy for the prolonged move higher that I am anticipating. PNTV is not the same company as in the past. I believe management has finally put their ducks in a row. Revenues and profits should be consistently generated from this point on. The wild card with PNTV is the potential for a settlement from the $150,000,000 lawsuit agains Comcast. I can only imagine where the stock might go should a $10,000,000 to $30,000,000 settlement be agreed upon. That would obviously change PNTV forever. In the meantime, we'll continue to use the technicals and indicators to follow the money. GLTA
Link back to my technical thoughts on the June 19 post which I'm responding to. As hoped for, we got our consolidation, primarily in the .025-.0265 level. The move on Friday was on 537k shares and up over 11%. The stock traded as high as .032 while closing at .0295. With a quick glance at the chart, one can see that Friday's close was the highest close in more than two months. Additionally, PNTV closed right at the declining tops line as well as the MA100 and on the upper bollie. The MACDs have already crossed over and all above their zero line. The positive divergence of the indicator and signal lines can also be seen with Friday's move. The set up for a breakout is ready.
The obvious buy trigger was when PNTV based and held in the .0149/.015 level. For those that didn't enter at those levels, a confirmation of a higher movement occurred when the stock moved up and broke over the .02 resistance of the mid April to mid May. That .02 level was a month long support level before failing in mid to late May. Since the call of a bottom at .0149, the stock is now up near 100%. What I would like to see in this shortened trading week would be a move to the .035/.04 level. Strong bidding in the .03-.033 over the next couple of days would allow the longer term investors an opportunity to absorb the short term sellers. Since the stock is already at the upper bollie, a spike well outside the upper bollie would not be a good thing. Slow and steady accumulation while absorbing the flippers will be healthy for the prolonged move higher that I am anticipating. PNTV is not the same company as in the past. I believe management has finally put their ducks in a row. Revenues and profits should be consistently generated from this point on. The wild card with PNTV is the potential for a settlement from the $150,000,000 lawsuit agains Comcast. I can only imagine where the stock might go should a $10,000,000 to $30,000,000 settlement be agreed upon. That would obviously change PNTV forever. In the meantime, we'll continue to use the technicals and indicators to follow the money. GLTA
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