OK, OK - But take a look at this (Pendragon up 8.93% today)!
Pendragon (LSE: PDG) closed today at 15.25p (up 1.25p or 8.93%). So what's got me off my backside to miss tonight's Olympics? Well,have a look for yourselves...
It's this bullish reversal pattern (yellow arrow on graph), with its base on the sloping support line (magenta colour) and the high volume today. In my opinion, this could herald the start of another upward move - following the interim results released on Tuesday 7th August.
It's worth reminding ourselves of the long-term shareprice graph (see below)...
From this, you can see the resistance line, connecting the lower highs, and the lateral breakout that I referred to in my Live TV Broadcast on 7th August. There looks to be a support line developing which, if it remains intact, bodes well for the future of PDG in the DIY-Investors portfolio.
As usual, DYOR and I recommend that this includes you reading the Interim Results and the Analysts Presentation (7th August 2012).
Mick.
Techs look very convincing on this Mick. I bought first thing on the morning of the 8.9% rise...quite happy with that gain in a matter of hours!
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