JillsyD
Short

Potential inverse Head and Shoulders pattern on PONY.to D chart.

TSX:PONY   PAINTED PONY ENERGY LTD
Price action just entered an area of historically strong resistance. Volume looks to have climaxed for the bulls and looks very similar to other volume patterns in the same resistance area that did not have enough oomph to push the stock through the price point. Obviously this will need to be watched for many days to determine if it does pull back and become an IH&S but the signals seem to point in the direction of the need to consolidate i.e. pull back before taking another run at the 2.86-2.89 area of resistance.
Comment: RSI also O/B on 1hr/4hr/D charts; further indication that stock is likely going to pull back soon.

Comments

any update of this stock? much appreciate it!
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